Hiranandani Group forays into consumer-tech space; to invest ₹3,500 cr.

Real estate giant Hiranandani Group is foraying into the consumer technology segment with a new Venture named ‘Tez Platforms’ and will invest ₹3,500 crore to build capabilities around gaming and e-sports, entertainment and e-commerce, among other things.

“We believe that the potential of digital has barely scratched the surface…We are widening our focus on technology-led, new-age services,” Darshan Hiranandani, CEO-Hiranandani Group told The Hindu.

“Through Tez Platforms we intend to incubate and work with leading technologies and partners (both domestic and global) in other areas as well, in the next steps of our journey,” he added.

The new venture will introduce a wide gamut of services including social media, gaming & e-sports, blockchain and artificial intelligence, among other emerging tech services.

Mr Hiranandan added that the company plans to launch the first service within 2022, which is likely to be in the gaming space. “We have a roadmap to launch two highly sought-after services in 2022, followed by another three in the next year.”

He added that while Tez Platforms will leverage synergies and talent from various Hiranandani Group entities, it also plans to hire over 250 employees in FY 2023.

Tez’s initial outlay to launch the services this year will be approximately Rs 1,000 crore, and over the next 2-3 years, he expects the investment to be around ₹3,500 crore.