The global market for augmented reality (AR) and virtual reality (VR) is projected to grow about tenfold from $59.81 billion in 2024 to $589 billion by 2034, according to consultancy Precedence Research.
In India, the rapid adoption of these technologies, which bridge the gap between digital and physical worlds for more immersive interactions, is fueled by substantial investments in digital education and immersive entertainment.
The number of AR and VR users in the country is expected to reach 770 million by 2029, according to statistics analysis firm Statista.
These technologies find applications across various sectors including gaming, retail, healthcare, and education.
As the market potential grows, an increasing number of Indian startups are aiming to capitalize on this opportunity. Here’s a look at the promising startups in this burgeoning sector:
Edverse
Location: Gurugram, Haryana
Founder: Gautam Arjun
Edverse is set to transform education by creating realistic virtual learning spaces in a Metaverse. It has built an “education metaverse” that is decentralized, collaborative, and interoperable, offering myriad opportunities for HRs, professors, teachers, and learners. The startup provides deeply immersive virtual environments designed to enhance engagement, supporting comprehensive learning, teamwork, onboarding, training, and development. Features include 3D modeling and incentivized learning opportunities, engaging a community of over 50,000 ‘Edversites.’ Since its launch in 2022, Edverse has secured $700,000 in seed funding and the backing of key venture capitalists.
HawkVisum
Location: Hyderabad, Telangana
Co-founder: Kumar Rachamalla
HawkVisum is pioneering the integration of Virtual and Mixed Reality with AI to enable seamless work and learning environments that are both safe and secure, assisted by AI-powered voice guidance. The company offers solutions that enhance productivity, skills, effectiveness, accuracy, and safety for employees and customers alike. HawkVisum focuses on delivering virtual reality solutions for critical industries such as aviation, defense, automotive, healthcare, and infrastructure management through VR simulated training.
HoloKitab
Location: Jalandar Punjab
Founder: Nikhil Miglani
HoloKitab, an EdTech venture that featured on Shark Tank India, enhances practical learning through augmented reality. It provides 3D textbooks that combine traditional text with online resources, allowing students to experience real-time 3D visualizations of concepts. This approach not only boosts students’ interest in reading but also preserves the benefits of online learning.
Irusu Technologies
Location: Hyderabad, Telangana
Founder and managing director: Satya Molugu
Incorporated in 2014, Irusu Technologies was one of the first VR companies in Hyderabad and is now, the company said, a leader in online sales and wholesale distribution of VR headsets. It is committed to the development of advanced VR and AR gadgets and is continually adapting to new technologies. The company emphasizes research and development (R&D), providing top-quality VR headsets, including certified Google cardboard versions, and offers services like VR/AR/XR lab setups and app development with cutting-edge technology.
iXR Labs
Location: Gurugram, Haryana
Founder: Nihar Madkaikar
iXR Labs offers an extensive VR learning platform that allows educators to access over 100 VR educational content and virtual labs. The platform is reshaping learning in science, medical, and engineering disciplines by promoting career readiness and enhancing conceptual understanding through immersive experiences. iXR Labs is one of the largest producers of immersive content for higher education globally, helping students dissect complex medical concepts and unravel engineering challenges.
QULEEP
Location: Noida, Uttar Pradesh
Founder: Vivek Jha
QULEEP is developing innovative solutions across Web 3.0, Deep Tech, and AI/ML. Its mission is to empower businesses with state-of-the-art immersive technologies, driving enhanced human interaction and innovation to elevate consumer satisfaction. QULEEP is committed to shaping the future of human computational interaction.
Rayvector
Location: Bengaluru, Karnataka
Founder: Srikanth K. Avadhani
Rayvector focuses on cutting-edge research in technologies like augmented and virtual reality, artificial intelligence, blockchain, and synthetic data creation. The company develops interactive digital solutions tailored to business needs and provides expert consultations to help organizations adopt and implement these technologies. Rayvector serves industries such as infrastructure, real estate, manufacturing, healthcare, and semiconductors, delivering practical applications to meet sector-specific demands.
Simulanis
Location: New Delhi
Founder: Raman Talwar
Simulanis is a multi-award-winning company that excels in creating engaging and interactive AR and VR applications. With a team that combines solid theoretical knowledge, a passion for excellence, and practical experience in AR and VR, Simulanis is taking huge strides in improving training across industries like pharmaceuticals and automotive with the use of virtual reality technology.
Square Comp (GRAHA’s VR)
Location: Chennai, Tamil Nadu,
Founders: Srinivasan Yagnanarayanan and Sriram Kesavan
Square Comp Solutions has been providing Virtual Reality headsets and bespoke metaverse services for over a decade. Specializing in transforming enterprise client operations across training, onboarding, R&D, maintenance, and marketing, the company’s VR solutions are operational in both India and the US
TechXR
Location: Bhopal, Madhya Pradesh
Founder: Prashant Mishra
Founded by a team from IIT in 2021, TechXR is recognized as one of India’s top 12 innovations by the Department of Telecommunications. It offers a smartphone-based learning tool suitable for children aged five and older, and the SenseXR Controller, which allows users to move in three-dimensional space. This controller helps users create their own science labs, shooting games, or tiny digital universes, improving both educational and creative experiences.
TheQube
Location: Pleasanton, California
Co-founder: Pushpak Kypuram
TheQube is a digital platform that creates three-dimensional virtual environments for socializing, learning, and business branding. It allows businesses and individual users to design their own virtual spaces, host online events, and manage digital assets like NFTs, enhancing the way we interact online.
VeeRuby The AR VR Company
Location:
Founders: Kiran Siddaraju, Varun Kumar Siddaraju, Sean Ong, and Siddaraju Manchaiah
Founded in 2019, VeeRuby is a leader in augmented and virtual reality services, focused on improving customer experiences and workplace productivity with engaging and interactive technology solutions. With a history of innovative projects for startups and major corporations, VeeRuby seamlessly blends technology into everyday business and personal life.
XR Central
Location: Gurugram, Haryana
Founders: Anshul Agarwal and Shrey Mishra
XR Central focuses on designing virtual environments for various industries, employing virtual and augmented reality to create interactive content. It aims to make immersive technology more accessible and applicable to solving practical problems, positioning itself as a leader in this technology space.
XR Horizon
Location: Kochi, Kerala
Co-founder: Faris Arimbra
XR Horizon works on enhancing business applications through cost-effective virtual and augmented reality strategies. The company specializes in creating digital platforms and producing high-quality virtual content for educational purposes, aiming to improve communication and engage both teachers and students.
Viral Brain Systems
Location: Vadodara, Gujarat
Co-founder: Bhushan Jadhav
Viral Brain Systems’ MOVEAAL brand leverages augmented and virtual reality in education and healthcare. It offers interactive STEM toys that explain concepts in multiple languages, making learning engaging and enjoyable for children by stimulating their curiosity with interactive visuals and sounds.
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