Hiranandani group enters tech-led emerging consumer services business; invests Rs 1,000 crore

Realty firm Hiranandani group on Tuesday said the company has forayed into the technology-led consumer services business with an initial investment of Rs 1,000 crore.

The new venture — Tez Platforms — will focus on opportunities in the arena of social media, entertainment, gaming and e-sports, e-commerce, personal mobility, artificial intelligence and blockchain-linked solutions.

The group already has ventured into data centres, cloud computing and enterprise technology offerings through Yotta Infrastructure.

"We are widening our focus on technology-led, new-age services,” said Darshan Hiranandani, CEO-Hiranandani Group.

Through Tez Platforms, he said the group intends to incubate and work with leading technologies and partners (both domestic and global) in other areas as well.

"We have a roadmap to launch two highly sought-after services in 2022, followed by another three in the next year,” said Darshan.

Tez Platforms plans to hire over 250 employees in FY 2022.

"Tez’s initial outlay to launch the services this year will be approximately Rs 1,000 crore. And over the next 2-3 years, we expect to invest approximately INR 3,500 crore,” he said.