The strategic acquisition of String Metaverse Limited is a testament to Spacenet's commitment to innovation, diversification, and capitalizing on high-growth sectors.
Spacenet Enterprises India Limited (NSE: SPCENET), following its strategic investment in BillMart.com, a Mumbai-based bill discounting fintech platform, has boldly positioned itself at the forefront of innovation with a strategic acquisition poised to reshape the landscape of digital entertainment. In a game-changing move, the company has secured a significant stake in String Metaverse Limited, a cutting-edge Web3.0, Esports, Real Money Games, Casual Games platform that promises to redefine the future of interactive entertainment. This visionary investment underscores Spacenet's commitment to staying ahead of the curve and seizing emerging digital opportunities, solidifying its place as a dynamic force in the ever-evolving world of Esports, Real Money Games, and Casual Games.
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String Metaverse Limited, with its presence in India, Hong Kong, and Gift City, is at the forefront of expanding its esports platform across India, the Middle East, South East Asia, and Europe. The company has recently launched a dedicated platform, https://esports.stringmetaverse.com/, designed to empower esports players, streamers, and influencers, enabling them to actively participate and generate revenue streams. With the esports industry poised for exponential growth, this investment reflects Spacenet's forward-thinking approach and commitment to innovation.
The timing of this strategic move couldn't be more opportune, as the recent Lumeki report suggests that the Indian gaming industry is on a trajectory to achieve remarkable growth. By 2028, the digital gaming industry is projected to reach a staggering Rs 62,000 Crores, more than double the Rs 26,000 Crores recorded in 2023. India's gaming landscape comprises approximately 57 Crore gamers, growing at an impressive rate of 12%, and boasts 1540 Crore downloads, making it a pivotal contributor to the global gaming arena.
In addition to its foray into esports, Spacenet Enterprises India Limited is also pleased to announce its outstanding financial performance over the last six months. The company has reported a remarkable 400% growth in net profit for the first six months of 2023-24 compared to year on year. This impressive financial achievement underscores Spacenet's commitment to delivering value to its shareholders and stakeholders.
Prakash Dasigi, Executive Director of Spacenet Enterprises India Limited, stated, "After a successful stake acquisition in BillMart, a bill discounting fintech platform based in Mumbai, our second venture into String Metaverse Limited reaffirms our confidence that both investments will yield exceptional returns, potentially ranging from 50-100x for our shareholders over the next 3-5 years."
Ganesh Meenavalli, Director and Head of Global Esports Operations at String Metaverse Limited, confidently predicts that more than 20 million Gen Z, India Esports community will lead the global Esports scenario, potentially eclipsing traditional sports like cricket in popularity by the next decade.
The strategic acquisition of String Metaverse Limited is a testament to Spacenet's commitment to innovation, diversification, and capitalizing on high-growth sectors. With esports poised to become a major global phenomenon and the company's remarkable financial performance, Spacenet is positioned for a future of sustained success and growth.
About Spacenet Enterprises India Limited
Spacenet Enterprises India Ltd (NSE: SPCENET) is a global fintech enterprise listed on the National Stock Exchange, committed to transforming trade and trade finance. With a focus on empowering traders, small and medium-sized enterprises (SMEs), micro, small and medium enterprises (MSMEs), and trade channels, Spacenet plays a pivotal role in bridging the trade finance gap. Beyond its services, the company actively builds, invests in, and supports fintech ventures, contributing to the evolution of traditional finance (TradFi). Spacenet's global approach leverages financial technology to enhance and streamline trade operations, while also fostering growth within the broader fintech ecosystem.
For media inquiries and further information, please contact:
Prakash Dasigi, Executive Director
+91-9490199661
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