Spacenet Board approves to increase its stake in fintech company BillMart.com

India PR Distribution

New Delhi [India], August 16: Spacenet Enterprises India Ltd, a global fintech enterprise (NSE: SPCENET), has announced its intention to raise 100 Crores through Preferential Issue and the board has approved of the same. The board has also approved its investments in BillMart.com, a Mumbai based fintech start-up that delivers digital bill discounting services catering to MSMEs and Corporates.

Spacenet's approach is global, and they are committed to contributing to the broader fintech ecosystem. This commitment is reflected in their efforts to support and invest in other fintech companies, such as BillMart.com, which offers working capital loans, supply chain financing, and various other financial solutions related to bills. Spacenet currently holds 12.5% stake in BillMart.com and plans to increase it further.

Spacenet is dedicated to empowering traders, small and medium-sized enterprises (SMEs), micro, small and medium enterprises (MSMEs), and trade channels. It also aims to bridge the trade finance gap by leveraging financial technology to enhance and streamline trade and trade finance operations. Spacenet's operations are not limited to providing services; they also build, invest in, and support fintech companies that power traditional finance (TradFi).The fintech sector has a market potential of reaching $2.3 trillion by 2030.

Spacenet believes that investing in BillMart.com will help them tap into this huge opportunity and create value for their shareholders and stakeholders. BillMart.com has a strong customer base, a robust technology platform, and a proven business model. Spacenet expects that this investment will enhance their revenue growth, profitability, and market share.

Spacenet's Prakash Rao Dasigi, Executive Director, said "We are pleased to announce our intention to raise 100 Crores through Preferential Issue. Spacenet will be increasing its stake in BillMart.com. We believe that BillMart.com is a promising fintech startup that has the potential to disrupt the bill discounting market in India. We are impressed by their innovative solutions, their customer-centric approach, and their growth trajectory. We are confident that this investment will strengthen our partnership with BillMart.com and create synergies for both the companies."

"We have decided to increase our stake in BillMart.com as part of our strategy to diversify our portfolio and access new markets. We have evaluated BillMart.com's

financial performance, growth prospects, and valuation" he added.

For more information, please visit Spacenet's website at www.spacenetent.com

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