Spacenet Launches Digital Global Trade Platform, Raises ₹99 Crore Funding
Spacenet Enterprises India Ltd is known for its innovative approaches in technology and trade and has made a big move in the market. Spacenet has successfully raised a large sum of money, amounting to Rs 99.55 crore.
The major part of this investment, Rs 50 crore, was given by VIKASA India EIF I Fund at Rs 26 per share, highlighting the strong belief investors have in Spacenet’s potential.
Spacenet aims to strengthen its position in Billmart.com, which is a well-known FinTech company. FinTech, or Financial Technology, is an area that uses technology to improve financial services.
Besides, they are also investing in Pathfinders, a company that works with AI or Artificial Intelligence, and Neo Bank, an NBFC which stands for Non-Banking Financial Company. These steps show Spacenet’s focus on cutting-edge technology and finance.
Now, let’s talk about one of Spacenet’s most ambitious projects – their Digital Global Trade Platform. This platform is especially exciting because it’s designed to change the way we trade different commodities like agricultural products, textiles, and even precious metals, on a global scale.
The platform will be launched in important markets like Hong Kong and Dubai. Its goal is to make trading easier and more efficient by connecting different players in the market, like wholesalers, shippers, and traders.
Prakash Dasigi, the Executive Director of Spacenet, says that this funding is not just about the money. It’s a sign of their dedication to innovation and creating value for shareholders. He emphasizes that the Digital Global Trade Platform is just the start of their efforts to transform international trade.
In addition to all this, Spacenet is also investing in String Metaverse Limited, a gaming company, broadening its reach into different sectors.