Where Vodafone Idea 'keenly following Metaverse technology’, examining opportunities

New Delhi: After telecommunications company Bharti Airtel on June 14 unveiled India’s first Metaverse multiplex on the PartyNite Metaverse platform, its rival Vodafone Idea is also eyeing opportunities in the 3D virtual world.

The company is looking over opportunities on the Metaverse to enhance customer experience, as the teleco aims at regaining the subscriber market share, according to a senior executive. Vi added active mobile users in March 2022, the first time since erstwhile Vodafone India and Idea Cellular merged nearly four years ago.

Vi is “keenly following this emerging technology to see how it evolves,” said Avneesh Khosla, chief marketing officer, Vodafone Idea.

Exuding confidence that metaverse has the potential to deeply engage with consumers and enhance their digital experience, Khosla told Economic Times that it Metaverse will enable deep engagement in genres such as gaming, entertainment, retail, education, e-commerce, and social networking.

He, however, took note of the need for a proper device ecosystem to attain reach and economies because only then will they be able to enable immersive experiences.

Vi’s competitor Airtel made headlines earlier this month as it became the first Indian operator to foray into the Metaverse through its Xstream multiplex.

The 20-screen platform will be an extension of Airtel’s Xstream Premium offering. It will leverage Airtel’s content library and will offer multiple layers of engagement which will allow users to interact on the PartyNite Metaverse.

Analysts are of the view that telecom operators will look at Metaverse differently for their business-to-consumer (B2C) and business-to-business (B2B) segments. The B2C segment will have a focus on the telcos’ 5G services, which are expected to be rolled out by the end of this year.

However, Prashant Singhal, global TMT emerging markets leader at EY, noted that “right now, no one (retail customer) is asking for 5G.”

Mumbai: Shares of the beleagured Vodafone Idea (Vi) will be in spotlight after two important announcements were made that are expected to give the company a shot in the arm ahead of the crucial 5G spectrum auctions.

Vodafone Idea (Vi), promoted by Aditya Birla Group and UK’s Vodafone, said its board approved raising Rs 436.21 crore from its UK parent at Rs 10.20 per unit. The decision comes as the cash-strapped company plans to invest further in its network and prepare for the upcoming 5G spectrum auctions.

The funds will be raised issuing either shares or warrants convertible to equity shares, the company said.

“The Board of Directors of Vodafone Idea Limited at its meeting held June 22, 2022, has, inter-alia, approved raising of funds aggregating upto Rs 436.21 crore by way of issuance of either: (a) upto 42,76,56,421 Equity Shares of the face value of Rs. 10/- each; or (b) upto 42,76,56,421 Warrants convertible into Equity Shares, to Euro Pacific Securities Ltd. (a Vodafone Group entity and promoter of the Company), on a preferential basis in accordance with Chapter V of the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018 (ICDR Regulations). The relevant date, in terms of provision of ICDR Regulations for determining the floor price of the Preferential Issue, in either case, is June 15, 2022,” said Vi in an exchange filing on Wednesday.