Local gaming start-up Microgravity has been appointed by the London Mayor’s Office to set up an augmented and virtual reality (AR / VR) gaming arena in the city.
The deal is expected to be finalized within the next fortnight, Rahul Bhattacharya, chief executive of Microgravity, said in a recent interaction.
“We received an expression of interest from a London based fund to set up a gaming hub similar to our offering in Gurugram, Haryana – in London. We are raising £ 1.5million from a London based property investment fund (REIT) for this project. “
“The business and economics wing of the London Mayor’s office contacted us and appointed London & Partners to help us find the right location and the right funds to set up the facility,” Bhattacharya explained. by Microgravity.
London & Partners is a not-for-profit public-private partnership (PPP) company established by former London Mayor Boris Johnson in 2011 and strives to enter into promotional partnerships to boost jobs and economic growth in the city.
Bhattacharya said work on the facility will begin in January 2022 itself and the facility is expected to become operational in London by July 2022.
Microgravity offers physical AR / VR game arenas and has an outlet in Gurugram featuring the same. This is not the only one, however. Australian newcomer Zero Latency VR operates an AR / VR gaming hub of the same name on the outskirts of Mumbai, offering a VR shootout arena where up to eight players can play simultaneously, among other games. Zero Latency operates in Mumbai through a partnership with Indian entrepreneur Parineeta Rajgarhia.
Granted, ten-year-old Indian gaming center Smaaash has also pivoted to deliver some elements of AR / VR experiences at its centers across India.
The AR / VR gaming industry is expected to grow in the coming years, although India currently offers a fairly limited palate for consumers to try. In an interview with Outlook Business, Zero Latency’s Rajgarhia claimed that the global VR gaming market’s revenue was $ 12 billion in 2019. This figure, she said, could increase by 30% over the course of the year. over the next five years, and Asia-Pacific would account for 40% of global demand for VR games.
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