Spacenet Enterprises India, a prominent fintech listed on the National Stock Exchange (NSE) with a focus on trade and trade finance, has ventured into the cutting-edge world of Web 3.0 e-gaming platforms through a strategic investment in String Metaverse. The fintech invested Rs 10 crore in String Metaverse, acquiring approximately 9% of the company's equity by purchasing around 1.1 crore shares at Rs 9 each. This move aligns with Spacenet Enterprises' proactive approach to explore emerging digital opportunities, positioning itself as a dynamic force in the ever-evolving domain of e-sports.
In a disclosure to the NSE, Spacenet Enterprises highlighted its commitment to staying ahead of the competition by strategically engaging with innovative ventures like String Metaverse. This investment follows Spacenet Enterprises' earlier strategic move in the fintech sector when it invested in BillMart.com, a Mumbai-based bill discounting platform, earlier in the year.
String Metaverse, operating in India, Hong Kong, and Gujarat's GIFT City, has rapidly expanded its footprint in the e-sports space. The company is making waves with its cutting-edge Web 3.0 e-gaming platforms and has recently launched a dedicated platform designed to empower e-sports players, streamers, and influencers. This platform provides active participation opportunities and multiple revenue streams for those involved in the burgeoning world of e-sports.
The investment by Spacenet Enterprises not only reflects its strategic vision but also underscores the potential it sees in the digital transformation of the gaming industry. As the e-sports space continues to grow across India, West Asia, South East Asia, and Europe, this strategic partnership positions both Spacenet Enterprises and String Metaverse for exciting opportunities in the dynamic landscape of online gaming.
Following this strategic move, Spacenet Enterprises aims to leverage its investment to navigate the evolving digital landscape, tapping into the rapidly expanding e-sports market and contributing to the growth and development of innovative gaming platforms. As a company listed on the SME segment of the stock exchange, Spacenet Enterprises closed the trading week with its stock price at Rs 25, marking a 1.7% increase on Friday. This investment marks a significant step for Spacenet Enterprises in diversifying its portfolio and embracing the transformative potential of the e-gaming sector.