On The Indian Version Of “Shark Tank,” A Startup That Is Working To Bring MSMEs Into The Metaverse Secures Funding

On the second season of Shark Tank India, 40 lakhs was invested in Cloudworx, an Indian artificial intelligence firm that enables users generate 3D models without requiring them to have any prior experience of coding. The year 2019 has already seen them awarded a patent for their work.
The capacity to write computer programmes in a predetermined language is at the heart of what we mean when we talk about coding. Cloudworx, a startup company, asserts that it has discovered a method wherein a user may make a 3D model operate without having to learn how to code in any language.
75% of businesses, according to the results of a survey carried out by Gartner, want to implement digital twins (3D models), but only 13% have done so so far; the other 62% have it on their roadmap but find it difficult or don’t have the direct skill set in the team to implement it, as stated by Cloudworx.
You are able to check which machine in your manufacturing is consuming the most energy without having to physically go to your factory. This is accomplished by the use of a technology known as heat mapping, which involves keeping an eye on the object’s temperature. “Even employees can be monitored through their body temperature stamps, and the boss can know which area has the most amount of employees huddled together,” said Yuvraj Tomar, founder of Cloudworx, who was also included in the inaugural Forbes Asia 30 under 30 list in 2016. In 2016, Cloudworx was also featured on the Forbes Asia 30 under 30 list.
Any worker can access the digital 3D model of the corporate store by simply scanning a code, therefore there is no requirement for using a web browser,” Tomar explained further.
On an episode of Shark Tank India, the app’s creator made the claim that it provides important steps, the first of which is that it integrates devices, networks, software, people, and processes. Second, it allows customers to import 3D models and customise the overall atmosphere and appearance of their virtual store. And last, you can construct 3D workflows without having to write any code.
The company, which started out in 2020, has the overarching goal of rendering the metaverse more approachable, user-friendly, and comprehensible. The business stated that it had achieved yearly sales of 1.5 crore since the year 2020. They also said that the show did not generate any profits.
The creator of Cloudworx provided the following response when asked about the reasons for the company’s low sales: “Sales were low because we made the error of solely concentrating on the India market initially where usage is still ramping up.” When we moved into new nations, we saw an uptick in the number of customers we served. Tomar asserted that European customers are particularly straightforward to convert.
Shark Namita identifies a potential application for the service.
The entrepreneur gave a demo that showed Shark Namita Thapar, who supervises 14 plants for Emcure Pharmaceuticals, how she may use the new technology to her advantage, and Thapar became interested in the firm as a result.
“You are in charge of managing 14 factories and must frequently be present in order to check the output of those factories.” It will no longer be necessary for you to base your decisions on charts, dashboards, or graphs if you take advantage of this technology. You are able to keep an eye on your manufacturing facilities from any location. He asserted that one click from the programme could literally switch on or shut down any function in the factory.
As a response to Thapar’s demand to “shake up the world of MSMEs,” the final deal was finalised with the Emcure executive director and Anupam Mittal at 40 lakhs with 3.2% equity at a valuation of 12.18 crore. A seed round for the company had already been completed in May 2020, and it had successfully raised 71 lakhs at an initial valuation of 8 crore.
Anupam Mittal, who is also a co-founder of Shaadi.com, expressed his interest in learning how its founder plans to compete with the major technology companies around the world and establish a presence on a worldwide scale.
“I am not aiming for the Fortune 500 corporations, as such companies will only approach the world’s most prominent technology firms for their job. My customers will be the small and medium-sized businesses (SMEs and MSMEs) that are unable to pay the prices charged by the large technology and gaming companies such as Microsoft and Nvidia. The price of a single licence for Microsoft or Nvidia is between one and two million dollars. Tomar asked, “Why would any client not want to jump in if someone in the field is providing the same features at one hundredth the cost?” If someone else in the field was providing the same features at one hundredth the cost,
The co-founder of CarDekho, Amit Jain, has withdrawn from the transaction, citing the platform’s lack of innovative features and the fact that the products it sells are already on the market as reasons for his decision. Vineeta Singh, the CEO and co-founder of Sugar Cosmetics, also decided against participating in the transaction.
“In order for your platform to be successful, there are two requirements. First, it needs to establish a worldwide B2B market, and second, you need to be regularly updated with the advancements that are happening in this field. Both of these things are necessary if you want to succeed in this industry. “I’m afraid I won’t be able to be of much assistance there,” Singh stated.
Aman Gupta, co-founder of boAt, declined to provide capital to the new company because he believes the applicant should focus more on the numerous prospects presented by the consumer metaverse.