Mindtree plans for investment in Metaverse

Mindtree plans for investment in Metaverse

Mindtree plans for investment in Metaverse

Mindtree, a mid-cap IT company, is investing more money in developing solutions and capabilities that will help it serve its clients better.

Debashis Chatterjee, the CEO, told the reporters after announcing the company's FY22 results on April 18 that the Metaverse service would help clients to quicken and optimize their move into the meta economy.

The Metaverse is becoming increasingly popular among IT companies
  • Mindtree is the most recent addition to the Metaverse trends, which are investing big in this segment. 
  • Infosys built the Metaverse Foundry, where it has created more than 100 use cases to help customers adapt, create, and scale new technologies. 
  • TCS is investing in this arena and has issued contract proposals for clients whose sizes are now modest but are likely to grow over the next five years.

The reason for Mindtree's entry into the Metaverse

"Metaverse is definitely one of the focus areas among emerging technologies," stated Venu Lambu, Executive Director and President of Mindtree. He added, "We've organised a task team, which will report to the Chief Technology Officer." The business plans to bring in consulting skills while also using its service capacity to generate new use cases for different industry groupings on Metaverse.

No comment on the merger of Mindtree and L&T Infotech

However, the company executives made no comment on the reported merger of Mindtree and L&T Infotech, both of which are controlled by engineering behemoth Larsen & Toubro

Additionally company reported $1.41 billion for the fiscal year ending March 31, 2022, a 31.1% increase over FY21. The firm reported more than 5% sequential growth in constant currency for the fifth quarter in a row.

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