Coforge said it aims to be at the forefront of the immersive experience, real-time presence, decentralized control, and possibilities metaverse & Web3 offer. It also plans to train and upskill over 1000 employees to deliver on the Metaverse and Web3 requirements of its customers.

Commenting on this announcement, Sudhir Singh, CEO, and executive director of Coforge said, "The ability to combine the physical world with the virtual world brings in tremendous opportunities in programming the next internet, content, and experiences from the factory floor to the board room. We are excited to engage with the Metaverse, Web3, and related technologies to tap the countless opportunities for innovation they offer in our core verticals of BFS, Insurance, and Travel & Hospitality and in new verticals like Retail, Manufacturing, Healthcare, and Public Sector."

Leveraging Microsoft technologies, Coforge aims to deepen its Mixed Reality offerings. Coforge has already entered a partnership with industry leaders like Virbela, Hedera and R3 for their Metaverse and Web3 offerings and has more partnerships in the pipeline.

Vic Gupta, chief digital and technology officer, Coforge said, "By enabling digital experiences, hyper-connected ecosystem, distributed control & processing, DAO and smart contracts, Metaverse and Web3 present unprecedented business and transformational opportunities. Coforge is rapidly ramping up capabilities in these technologies. On the anvil are opportunities such as Virtual Spaces, AR/MR/XR, Virtual Storefronts, Virtual offices, Digital Twins, Virtual Assets Marketplace, and Web 3 enabled transactions."

Coforge is a global digital services and solutions provider, that leverages emerging technologies and deep domain expertise to deliver real-world business impact for its clients. The firm has a presence in 21 countries with 25 delivery centers across nine countries.

The IT firm's consolidated net profit declined 27.9% to Rs 149.7 crore despite a 5% increase in gross revenues to Rs 1,829.4 crore in Q1 FY23 over Q4 FY22.

As compared with Q1 FY22, the company's net profit and gross revenues rose 21.1% and 25.2%, respectively.