Spacenet sparks global trade, infuses Rs 99.55 Cr in Fintech AI

Spacenet Enterprises India Ltd, a global trade solutions provider, has successfully raised Rs 99.55 crore ($13.3m) to speed up its expansion and diversification strategy. The investment was led by VIKASA India EIF I Fund, contributing a substantial Rs 50 crore. The capital raise included domestic high-net-worth individuals and foreign financial institutions. Part of the funds will be used to increase Spacenet’s stake in fintech company and invest in AI-based firm Pathfinders and NBFC Neo Bank.

  • Spacenet Enterprises India Ltd raises Rs 99.55 crore in funding led by VIKASA India EIF I Fund
  • The funds will be used to increase stake in fintech and invest in Pathfinders, an AI firm, and Neo Bank, an NBFC.
  • Spacenet is ready to launch its Digital Global Trade Platform in important markets like Hong Kong and Dubai.
  • The platform is designed to transform the trading of commodities such as fresh produce, textiles, and precious metals.

The successful fundraising demonstrates confidence in Spacenet’s vision to revolutionize the digital trade sector. The company is planning to launch its Digital Global Trade Platform in key markets such as Hong Kong and Dubai. This innovative platform, primarily focused on the Agri/Non-Agri sectors, will revolutionize the trading of commodities like fresh produce, textiles, and precious metals on a global scale, connecting various stakeholders and allowing a seamless trading experience.

“Today’s announcement is more than just a financial milestone,” said Prakash Dasigi, Executive Director of Spacenet. “It’s a testament to our commitment to innovation and our relentless pursuit of creating shareholder value. The launch of our Digital Global Trade Platform is just the beginning of our journey towards redefining international trade.”

Moreover, Spacenet’s recent investments in String Metaverse Limited, a gaming enterprise, and highlight the company’s determination to diversify its portfolio and strengthen its market presence. This fundraising event and subsequent investments represent a significant turning point for Spacenet, setting the company on a path to transformative growth and international trade excellence.