Spacenet to Increase its stake in Generic AI Company Pathfinder & Billmart.com
Feb 13, 2024
India PR Distribution
Hyderabad (Telangana) [India], February 13: In a significant development aimed at strengthening its foothold in the financial technology sector, Hyderabad-based Spacenet Enterprises India Limited (NSE: SPCENET), a leading global trading entity with notable operations in Hong Kong and Dubai, has announced its plans to increase its investment in Billmart.com, a Mumbai-based fintech startup. This move reflects Spacenet's strategic intent to expand its investment horizon within the innovative technology sphere.
Pathfinder Enterprise Solutions Pvt. Ltd., a business analytics and generative AI firm headquartered in Chennai, serves an impressive roster of clients including major airport and high street retailers across India, Dubai, and Saudi Arabia. Pathfinder's flagship product, RAPPO, an advanced business analytics software, has processed transactions exceeding 1.4 billion GMV in Dubai Duty Free retail outlets last year, demonstrating its significant impact and value proposition in the retail analytics domain.
Billmart.com operates at the forefront of the fintech marketplace, catering to the evolving liquidity needs of Corporates and MSMEs by connecting them with a diverse range of lenders. The platform distinguishes itself through the seamless integration of sophisticated machine learning algorithms and human intelligence, delivering actionable, data-driven insights and employing innovative technologies to enable efficient, comprehensive digital financial transactions.
Spacenet's recent announcement of a 486 per cent increase in its consolidated profit after tax (PAT) on a year-on-year basis highlights the company's dedication to diversifying its investment portfolio by targeting companies at the cutting edge of technology. Billmart.com, renowned for its avant-garde fintech solutions, represents an ideal alignment with Spacenet's strategic objectives. Furthermore, Spacenet's investment portfolio also includes Pathfinder, a key player in the generative AI space, and String Metaverse Limited, a pioneer in the Web 3.0 gaming industry.
DVS Prakash Rao, the Executive Director of Spacenet, articulated the company's strategy, stating, "Our mission at Spacenet is to proactively identify and invest in disruptive technology firms. Through such strategic investments, we are committed to significantly boosting shareholder value on an annual basis." This approach underscores Spacenet's ambition to be at the forefront of technological innovation and investment in the fintech and related sectors.
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