Bengaluru, India – Digital commerce giant The Flipkart Group has announced the launch of Flipkart Labs, to build and create technology-based solutions and plans to foray into Web3 and Metaverse. Based out of its headquarters in Bengaluru, India, Flipkart Labs will fast-track an in-house innovation capability with a vision to propel and shape the future of customer-centric e-commerce in India
The company said the Innovation Lab will enable Flipkart and its group companies to test exciting new Web3 and Metaverse use-cases with real-world applications, including NFT-related use-cases, and Virtual Immersive Storefronts, Play to Earn, and other Blockchain-related use-cases.
The Innovation Lab will also serve as a vehicle for innovative research across areas including redefining customer experience, logistics/supply chain, and accelerating digital commerce in the future. Flipkart Camera, formed after the acquisition of AR/VR startup Scapic in November 2020, has since deployed multiple 3D and Augmented Reality-based immersive shopping experiences and will continue to mature under the newly formed Flipkart Labs umbrella.
Jeyandran Venugopal, chief product and technology officer at Flipkart, said that Flipkart innovation in e-commerce in India made it an integral part of their lives. This has been possible with many innovative initiatives over the last decade such as Cash On Delivery (CoD), Easy Returns, No Cost EMI, and more.
“As we continue to grow and experiment, we will operate at the intersection of business and technology to make innovation real and relevant for customers. With Flipkart Labs, we are looking at strengthening our in-house innovation capabilities by carving out a dedicated, entrepreneurial team and look forward to bright and curious minds joining us to transform the way India shops,” Venugopal said.
Flipkart Labs will be housed in the Product Strategy & Deployment (PSD) arm of the Flipkart Group and will work with talent building technology solutions in this space. It will also look at potential collaborations beyond the organization with brands, merchants, startups, and technologists.
Naren Ravula, VP and head of product strategy and deployment at Flipkart Labs, commented, “We are in the early days of a paradigm shift from Web2.0 to Web3.0 and this evolution of the web/internet built on the concepts of decentralization, openness, and greater user utility, will have a profound impact across many areas including e-commerce.
“Web 3.0 is poised to play a strong role in India`s digital acceleration. We are committed to the growth of the e-commerce ecosystem in India and Web 3.0 leverages the best of the latest technology like blockchain for real-world use cases that can digitally transform businesses like ours,” Ravula added.
