Chennai-based extended reality (XR) solution start-up Skillveri aims to disrupt the shopfloor experience. It is incorporating skilling future talent using the latest XR technology, which not only promises to bring the feel of a real manufacturing setup but also does away with raw material wastage. And in fact, while it has been closely working with automotive companies in India, the global markets is expected to be its next frontier of growth.
In an interaction with Financial Express Sabarinath Nair, CEO of Skillveri shared that while around 20-30 percent of painting and welding work in the automotive manufacturing industry is done manually, it accounts for almost 80 percent of error. Then there is the challenge of wasting resources on training, this not only results in raw material but also environmental concerns. Skillveri focusses on solving this aspect by training people using XR technology. It has created different modules such as 4 types of welding, 6 different applications of spray painting, abrasive blasting, AC repair mechanic training, and solar panel technician training.
With a core team of 20 people, the company is not only working with automakers in India, but also working with clients in the United States and United Kingdom.
Industrial and Compact Model
On average, the company has more than 50,000 active users per month and cumulatively it has trained over 2 million people on various modules through its platform. Skillveri currently has two products, an industrial model that costs around Rs 15-20 lakh and a compact model that can be deployed for around Rs 8-12 lakh.
In fact, Nair said that on average the Return on Investment (RoI) for customers is 5-10x, “In terms of period a painting module can give returns in less than 12 months and for welding module around 15 months. “There are areas where XR technology-based training is far more effective compared to traditional training – particularly in skills where measurement of dexterity (operator’s hand-eye-mind coordination) is critical. The studies we have done, both in academia and at shopfloors of customers, we find that a 70:30 blend of XR training to conventional training results in a reduction of mistakes by 45 percent, compared to purely conventional training.”
Detailing the company’s key customers, he highlighted that Skillveri is presently working with “All major automotive companies – Suzuki Motorcycle India, Tata Motors, Ashok Leyland, Hero MotoCorp, TVS Motor Co, Hyundai Motor India, Kia India, Piaggio India, JCB, Caterpillar, Case, and New Holland among others.” It also works with paint companies like Nippon Paint, Berger Paints, Asian Paints, Akzo Nobel and Axalta Coatings among others. “We are working with more than 50 Schools and colleges specialising in the automotive industry in the US and Canada,” he stated.
Future plans
Skillveri aims to grow organically and does not wish to have unrealistic targets. When asked about the company’s funding, Nair revealed that while it had done pre-series funding in FY2016, it aims to raise $2 million (Rs 17 crore) each in the United Kingdom and the United States. This would be primarily to expand its footprint in those geographies.
In terms of growth, it has almost doubled its revenue from Rs 5 crore in FY2022 and Rs 10 crore in FY2023. “We are profitable since 2019, and reinvesting the same into newer product development, and expansion into newer geographies,” he added.
Going forward it is working on developing modules for sealant application for the auto industry, in addition to foam spray training modules for export markets.
“We are expanding our presence in the US, UK, and EU. We are also expanding to newer geographies like Southeast Asia, MENA, and South America,” he outlined.
