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India: Flipkart to venture into Web3 and Metaverse.

India: Flipkart to venture into Web3 and Metaverse.

The Indian e-commerce company, Flipkart which is backed by Walmart is stepping into Web3 and metaverse. It is working towards introducing an innovation unit called “Flipkart Labs”. This will facilitate commercial functions in the metaverse. Flipkart says the new project will leverage emerging technologies, aid the development of cutting-edge technologies, as well as focus on delivering solutions to the ecosystem.

The Flipkart Labs will be a unit of the Product Strategy & Development arm of the Flipkart Group. The unit will work with talent-building technology solutions and focus on potential collaborations. For the collaborations, Flipkart will look beyond brands, startups, merchants, and other technologies. Moreover, the Innovation Labs will include the Flipkart Camera, which was created after the acquisition of the AR/VR through startup Scapic in 2020-end.

Naren Ravula, the VP and Head, of Product Strategy and Deployment at Flipkart Labs, highlighted that the new unit will collaborate with the Web3 community. They will work towards setting the standard for commerce in the metaverse and Web3. Ravula believes that Web3 will have a profound impact across e-commerce solutions. It will strengthen the best of the latest technology like blockchain for real-world use cases to digitally transform businesses.

Flipkart is working towards bringing innovation in areas of user experience, customer service, and logistics/supply chain. This will help the e-commerce company accelerate and set standards for commerce in the metaverse. Ravula pointed out that greater user utility can be established with the evolution of decentralization as the paradigm shift from Web2.0 to Web3.0 has only begun.



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