FUTR Studios Virtual Influencers Startup Ideas

FUTR Studios, founded by Himanshu Goel and George Tharian, appeared on Shark Tank India Season 3 in Episode 47 and hopes to raise funds for their B2B (Business-to-Business) brand to increase their virtual influencer reach, becoming one of the world’s greatest influencers.

Company Details

Popcorn & Co. has the Company name KRACKLE FOODS PRIVATE LIMITED with COMPANY incorporation date on 30 September 2021. This Company is registered in Delhi, India, with a vision of seeing only their brand’s popcorn in every situation.

Ownership of FUTR Studios Virtual Influencer Startup Ideas

George Prakash Tharian and Himanshu Goel are the founders of FUTR Studios. The company has an authorized capital of ₹10 Lakhs and a paid-up capital of ₹1 Lakh. Himanshu Goel graduated from Punjab University and completed a post-graduation in Marketing from Mudra Institute of Communications, Ahmedabad, along with George Tharian.

Business Model of FUTR Studios Virtual Influencer Startup Ideas

FUTR Studios aims to build its brand by increasing the reach of its virtual influencers on social media platforms through engaging content. Once a certain level of reach is achieved, they plan to monetize it and provide the service of digital assets that can be licensed for use in Virtual Reality (VR), Gaming, and similar applications.

Products and Services of FUTR Studios Virtual Influencer Startup Ideas

FUTR Studios, a startup company, currently employs CGI and AI to create virtual influencers such as India's first, Kyra, who has over 250,000 Instagram followers. They also provide technology-based consumer services such as website design and IT solutions in different niches, while content generation is outsourced. Detailed information about their services can be found on www.futrstudios.in.

Business Valuation of FUTR Studios Virtual Influencer Startup Ideas

FUTR Studios presented their pitch in Shark Tank India seeking an investment of ₹1 Cr for 2.5% Equity at the business Valuation of ₹40 Cr.

• Aman: He rejected the deal because he didn’t find any kind of innovation or constant source of creativity for which they’ll get continuous recognition. For him, Kyra is just an influencer. Hence, he didn’t invest.
• Namita: She rejected the business model as she believed that FUTR Studios is a trading agency and despite having humongous visions, the basic personality of Kyra is not yet developed, making it feel superficial at the fundamental level. Hence, she didn’t invest.
• Vineeta: She stated that the business is in quite an early stage. She was not able to see their progress in a particular direction. Hence, she didn’t invest.
• Deepinder: According to him, their company was only an Instagram handle, and the founders needed to build their vision accurately first. Hence, he didn’t invest.
• Anupam: He said that the founders were not able to crystalize their vision. There was a lack of Go To Market Strategy, and their major strengths are being outsourced. It was not consistent with what the founders wanted to do for him. Hence, he didn’t invest.

As the founders weren't able to build trust with any of the Sharks, they were not able to crack the deal.

Bizfoc Analysis of Shark Decisions of FUTR Studios Virtual Influencer Startup Ideas

Developing Personality: Several sharks stated that their virtual influencers need to develop a personality of their own, the engagement to which the public will be attracted.

Solidifying Vision: Anupam pointed out that the founder's vision is not solid and is diversified in uncertain directions.

Continuous Innovation: Aman stated that the field they are working in needs constant innovation to stand out in the market.

Some Key Strengths and Weaknesses of FUTR Studios Virtual Influencer Startup Ideas

Strengths:

• Bootstrapped: Being completely bootstrapped allows the founders to perform complete functional and operational activities flexibly.
• First Mover Advantage: It is India’s first-ever Virtual influencer Intellectual property generating company.

Weaknesses:

• Lack of Accuracy and Trust: In a country such as India, people do have very biased and different opinions towards such a concept as Virtual Influencer. So, it would be difficult to cater to a large market despite having a really big target audience.
• Early Stage: Being in an early stage, the vision of the founders and the direction of growth is very uncertain.

Future of FUTR Studios Virtual Influencer Startup Ideas

The future of FUTR Studios hinges on increasing their creativity and focusing on making it the core of their business model, thereby brainstorming on storytelling using the characters to increase engagement. It visualizes standing out in the market by creating its In-House Virtual IPs and brand-owned IPs.

Conclusion

FUTR Studios' pitch highlighted key strengths in their business model and product. FUTR Studios, India's top virtual influencer makers, were thrilled with Kyra's popularity but did not invest in areas such as character development, visual effects, or technological co-founders. However, constructive feedback will help them enhance their vision and effect in the expanding sector, and how well they respond to these issues is what will draw prospective investors and enable them to carve a niche in the Virtual Influencer service market.

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