India-based ecommerce company Flipkart Group announced it has acquired a 100% stake in augmented reality (AR) company Scapic to enhance its shopping experience capabilities.
Financial details of the deal have not been disclosed.
Photo credit: burdun / 123RF
In view of changes in consumer behavior and an increase in online adoption during the pandemic, Flipkart said it has been focusing on enhancing its consumer experience through several investments, including strengthening its technological capabilities.
With the acquisition, the Walmart-owned ecommerce firm will welcome a team of developers and designers who will help the company provide deeper camera experiences, virtual storefronts, and new opportunities for brand advertising on its platform.
Founded in 2017, Scapic is a cloud-based platform that helps brands and ecommerce entities to build AR, VR, and 3D shopping experiences.
“As we make investments that focus on developing and nurturing the retail ecosystem, we are also committed to making our platform easier to navigate and richer for consumers in terms of content and experience,” said Flipkart Group CEO Kalyan Krishnamurthy.
The development comes after Flipkart acquired the intellectual property of mobile gaming startup Mech Mocha earlier this month to drive user engagement on its platform.
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Earlier this year, Flipkart raised US$1.2 billion in a financing round led by Walmart, followed by a US$62.8 million investment from Chinese tech giant Tencent.
The company goes up against the US-based ecommerce giant Amazon as well as local player Reliance Retail, the Reliance Industries-owned company that is currently valued at around US$62.4 billion after it had raked in US$1.3 billion from Saudi Arabia’s sovereign wealth fund The Public Investment Fund.
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