Spacenet Enterprises India Limited specialised in Trade, Trade Finance empowering Traders, SME’s, MSME’s, Trade channels and which bridges the Trade Finance Gap announced today a strategic move by acquiring a stake in String Metaverse Limited a bold step for Spacenet, as it further extends its influence into the realms of Web3.0, Esports, Real Money Games, and Casual Games.
The company’s commitment to pioneering innovation and adapting to the evolving landscape of interactive entertainment is underscored by this strategic move, as highlighted in a recent press release. This investment in String Metaverse Limited follows Spacenet’s recent acquisition in BillMart.com, signaling its dedication to exploring and capitalizing on diverse digital avenues.
String Metaverse , operating across India, Hong Kong, and Gift City, stands as a key player in expanding esports platforms globally. Its recent launch of https://esports.stringmetaverse.com/ emphasizes the company’s dedication to empowering esports enthusiasts, streamers, and influencers, offering them opportunities for active engagement and revenue generation.
This strategic investment by Spacenet aligns seamlessly with the anticipated exponential growth in the esports sector, coinciding with a promising trajectory for the Indian gaming industry.
According to a recent report by Lumeki, the digital gaming sector in India is poised for exceptional growth, projected to reach Rs 62,000 Crores by 2028, more than double the recorded Rs 26,000 Crores in 2023. With approximately 57 Crore gamers and a growth rate of 12 per cent, India has emerged as a significant contributor to the global gaming arena.
Spacenet Enterprises also shared its remarkable financial performance over the last six months, reporting a staggering 400 per cent growth in net profit for the first half of 2023-24 compared to the previous year. This financial success underscores the company’s commitment to delivering value to its shareholders and stakeholders.
Spacenet Enterprises poised for 100x returns for shareholders
Prakash Dasigi, Executive Director of Spacenet Enterprises India Limited, expressed confidence in these strategic investments, stating, “Our ventures into BillMart and String Metaverse Limited reaffirm our belief in 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, anticipates a robust future for the esports community. Meenavalli predicts that more than 20 million Gen Z participants from India will lead the global esports scenario, potentially surpassing the popularity of traditional sports like cricket within the next decade.
This strategic acquisition of String Metaverse Limited positions Spacenet for sustained success, aligning with its commitment to innovation, diversification, and strategic positioning within high-growth sectors. As esports continues to ascend as a global phenomenon, Spacenet foresees ongoing success and growth in this arena.