In a strategic move that underscores its commitment to innovation and staying at the forefront of emerging opportunities, Spacenet Enterprises India Limited (NSE: SPCENET) has announced a significant milestone following its strategic investment in BillMart.com, a Mumbai-based bill discounting fintech platform. The company is making waves in the digital entertainment landscape with the acquisition of a substantial stake in String Metaverse Limited, a cutting-edge Web3.0, Esports, Real Money Games, and Casual Games platform.
This visionary investment by Spacenet solidifies its position as a dynamic force in the ever-evolving world of Esports, Real Money Games, and Casual Games. String Metaverse Limited, with a presence in India, Hong Kong, and Gift City, is actively expanding its esports platform across India, the Middle East, South East Asia, and Europe. The recent launch of its dedicated platform, https://esports.stringmetaverse.com/, is designed to empower esports players, streamers, and influencers, providing them with opportunities to actively participate and generate revenue streams. The move into String Metaverse reflects Spacenet's forward-thinking approach and commitment to capitalizing on the immense potential of the esports industry.
The timing of Spacenet's strategic move aligns with the promising trajectory of the Indian gaming industry, as indicated by a recent Lumeki report. Projections suggest that the digital gaming industry in India is set to achieve remarkable growth, reaching ₹62,000 Crores by 2028, more than double the ₹26,000 Crores recorded in 2023. With approximately 57 Crore gamers and a growth rate of 12%, India's gaming landscape is becoming a pivotal contributor to the global gaming arena, boasting 1540 Crore downloads.
In addition to its esports venture, Spacenet Enterprises India Limited is pleased to announce outstanding financial performance over the last six months, reporting a remarkable 400% growth in net profit for the first half of 2023-24 compared to the previous year. This financial achievement underscores Spacenet's commitment to delivering substantial value to its shareholders and stakeholders.
Prakash Dasigi, Executive Director of Spacenet Enterprises India Limited, stated, “After a successful stake acquisition in BillMart, 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 the Indian esports community, comprising more than 20 million Gen Z enthusiasts, will lead the global esports scenario, potentially surpassing traditional sports like cricket in popularity by the next decade.
The strategic acquisition of String Metaverse Limited serves as a testament to Spacenet's commitment to innovation, diversification, and seizing opportunities in high-growth sectors. With esports poised to become a major global phenomenon and Spacenet's remarkable financial performance, the company is strategically positioned for a future of sustained success and growth.