Spacenet Enterprises India Ltd, a prominent global fintech enterprise listed on NSE as SPCENET, has recently unveiled its strategic intention to acquire a substantial stake, ranging from 12% to 15%, in String Metaverse Limited, a noteworthy player in the emerging field of Web 3.0 GameFi startups. This venture is in alignment with Spacenet’s commitment to diversify its investment portfolio and tap into the burgeoning potential of the gaming and fintech sectors.
Growth through Collaboration
String Metaverse Limited, a dynamic and innovative startup that has earned its place as a recognized Startup India initiative, is focused on nurturing and creating vibrant gaming communities. With offices situated in Hyderabad, Dubai, Gift city, and Hong Kong, the company has already begun making waves in the digital landscape.
At the core of String Metaverse Limited’s offerings is a Web 3.0 GameFi platform, meticulously designed to empower business partners to deliver a range of online gaming services. These services encompass the exciting Play2Earn and Free2play concepts, while also featuring engaging rewarding games (Real Money Games). These games cover diverse industries including Retail, E-commerce, and Food and Beverages, enhancing user engagement and interaction.
Shared Vision for Success
Expressing his enthusiasm, Prakash Dasigi, Executive Director of Spacenet Enterprises, emphasized the strategic significance of this investment. He conveyed the organization’s delight in partnering with String Metaverse Limited, recognizing its impressive global expansion and rapid growth in a relatively short span of time. Dasigi highlighted that the collaboration holds the potential to create substantial value for both Spacenet shareholders and the broader ecosystem.
Krishna Mohan, Founder of String Metaverse Limited, expressed his delight at joining forces with Spacenet. He noted that despite being a relatively young gaming startup, String Metaverse Limited achieved remarkable feats, generating a revenue of 36 Cr. and a profit of 2.4 Cr. in its debut year. He further shared the company’s ambitious projections, aiming to achieve a remarkable 100 Cr. in revenue for the ongoing fiscal year and setting its sights on achieving a 100 Cr. PAT within the next 1000 days.
A Promising Future
The collaboration between Spacenet Enterprises and String Metaverse Limited is poised to shape the future of the GameFi landscape. With Spacenet’s financial prowess and strategic acumen complementing String Metaverse Limited’s innovative gaming offerings, the partnership is set to usher in a new era of value creation, innovation, and growth.
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