String Metaverse (Bio Green Papers, BSE: 534535) Reports Q1 FY25: Rs 50.02 Cr Revenue, Rs 5.38 Cr PAT
Aug 16, 2024
India PR Distribution
New Delhi [India], August 16: String Metaverse LTD, following its merger with Bio Green Papers Limited (BSE: 534535) as approved by the Honourable National Company Law Tribunal (NCLT) under the scheme of arrangement of the Insolvency and Bankruptcy Code (IBC), has reported robust financial results for the first quarter of FY 2025. The company achieved consolidated revenue of Rs 50.02 crores and a profit after tax (PAT) of Rs 5.38 crores.
Backed by Spacenet Enterprises LTD (NSE: SPCENET) and 63 Moons Technologies Ltd (NSE: 63MOONS) step down subsidiary 3.0 VERSE Ltd. investments, String Metaverse will be the first Web 3.0 enterprise to start trading on BSE main board.
String Metaverse has global offices in Gift City, Hyderabad, UAE and HK.
The merger has strengthened the company's position, leading to a consolidated revenue of Rs 151.21 crores and a PAT of Rs 10.82 crores for FY 2024, highlighting the successful integration and growth potential of the combined entity.
The Evolution Web 3.0
Web 1.0: Primarily focused on email and messaging, laying the foundation for digital communication.
Web 2.0: Marked by centralized social communities such as Instagram, Facebook, and WeChat, where monetization is predominantly controlled by large corporations like Meta, Microsoft, and Google.
Web 3.0: Digital communities are created for the people and by the people, enabling users to share, create, and transact within decentralized communities.
"In this new age of the Attention Economy, individuals are rewarded for the time they spend engaging online, transforming their attention and time into digital assets"
"New technological innovations are set to dominate global equity market caps. Disruptive technologies such as Web 3.0's 'Public Blockchains,' Energy Storage, Artificial Intelligence, and Robotics currently have a combined market cap of approximately USD 19 trillion. This is expected to grow to USD 220 trillion by 2030, in contrast to non-innovative companies, whose combined market cap is projected to grow from USD 98 trillion to USD 140 trillion" according to a research report by ARK Investment.
"With Web 3.0 and Next-Generation technologies growing at an unprecedented pace, we are confident of achieving a CAGR of 100 per cent growth for the next 3 years," stated Krishna Mohan Meenavalli, Founder of String Metaverse Ltd.
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