Spacenet Enterprises India Ltd is fundamentally a commodities wholesaler that used a court-approved demerger to transform itself from a software-tools provider into an active trading house, and it now funnels the cash from that trading into a web of technology bets - fintech, blockchain, AI, proptech and even green energy - stitching them together with a declared ambition to build a decentralized trade-finance ecosystem. The recurring approach is to run a concentrated, dealer-driven commodity business in India while acquiring stakes, forming joint ventures and spinning off subsidiaries in emerging digital sectors, often using related-party structures and corporate restructurings to reposition assets. # Business segments Three engines at different stages - a concentrated commodities trading core that generates nearly all the revenue, a trade-finance and fintech layer that wraps services around that core, and a portfolio of early-stage technology and infrastructure bets - each built with the cash flows and corporate structure of the one before. ## 1. Commodities trading: the revenue engine **A dealer-driven wholesale business that buys and sells everything from gold and crude oil to cotton and pepper, operating on a member licence of the Multi Commodity Exchange and recognizing revenue only on physical delivery.** - **Sells through a handful of dealers** - in FY25, the entire commodities turnover flowed through just 14 dealers and distributors, with the top 10 accounting for 99.67% of those sales, making the business highly concentrated on a small set of counterparties. - **Takes delivery of physical goods** - the company trades in gold, silver, platinum, aluminium, iron, steel, copper, crude oil, cotton, jute, oils, oilseeds, rubber, pepper and commodities of all kinds, and it can take delivery and hold them as permitted under the Securities Contracts Regulation Act, so it is not a pure paper-trading operation. - **No manufacturing, no exports** - it operates from a single office in Hyderabad with zero plants and, as of FY25, zero export revenue, meaning the entire business is domestic wholesale with no value-added processing. - **Revenue recognized on delivery** - the company books a sale only when all significant risks and rewards of ownership pass to the buyer on physical delivery, which ties its reported turnover directly to the movement of goods rather than to mark-to-market gains. ## 2. Trade finance and fintech: the services layer **A sector-agnostic supply-chain financier that connects commodity companies, banks and insurers, and aggregates invoice discounting for small businesses through RBI-approved platforms - all with a stated mission to build blockchain-powered decentralized finance.** - **Covers the full supply-chain cycle** - it arranges import and export finance, buyers’ credit and suppliers’ credit from major banks, and hedges forex risk using low-cost structures like zero-cost collars and risk reversals, so it can serve a commodity trader from purchase order to final settlement. - **Insures its receivables** - the company insures all trade receivables with top-tier trade credit insurers and reinsurers, transferring default risk off its own balance sheet to maintain client confidence. - **Aggregates invoice discounting for MSMEs** - registered on all RBI-approved TReDS (Trade Receivables Discounting System) platforms, it connects banks and NBFCs to small vendors who need working capital, targeting a market where 97% of Indian SMEs experience late payment on invoices. - **Building toward blockchain-based trade finance** - its stated mission is to accelerate a fintech ecosystem powered by blockchain, with plans to build, invest in and incubate decentralized-finance applications, crypto exchanges, liquidity mining and yield farming, though these remain largely aspirational. ## 3. Strategic investments and ventures: the future portfolio **A collection of minority and majority stakes in early-stage companies spanning bill-discounting fintech, proptech, metaverse gaming, HR software and a Russian-backed LNG joint venture - plus a shelf of authorized business lines in defence, clean energy and electric vehicles that have not yet begun operations.** - **Billmart Fintech is the most nurtured bet** - Spacenet has made multiple rounds of investment in Billmart, a bill-discounting platform whose turnover grew from nil in FY22 to INR 262.27 in FY24, and the transactions are classified as related-party due to common directorship. - **Proptech through a subsidiary** - its 63%-held subsidiary Thalassa Enterprises launched Stratayield.com, a platform targeting distressed assets and urban storage in India. - **An LNG joint venture with a Russian partner** - in August 2024, Spacenet signed a JV with Modern Fuel Technologies to build up to 180 LNG fuel stations across India, financed by a major Russian bank, with Spacenet holding a 15-25% stake. - **Authorized but not yet operational** - the company has added objects to its charter permitting it to enter defence manufacturing, renewable energy generation, electric-vehicle assembly and HR services, but as of FY25 these are future business lines, not active operations. # Group structure and partners **A web of four subsidiaries, two real-estate LLPs, a Russian JV partner and several related-party investees, all held together by a promoter group that owns just over 15% of the company.** - **Four subsidiaries with distinct roles** - Thalassa Enterprises (63% held) runs the proptech platform and trades in securities; Spacenet Tradetech and Winteg People Solutions are wholly owned, with Winteg designated to amalgamate with Pathfinder Enterprise Solutions; Spacenet Enterprises FZCO is held at nearly 98%. - **Two LLPs for real estate** - incorporated in November 2025 with Spacenet holding 99.9% each, SPACENET URBAN REALTY LLP and SPACENET REALTY CORE LLP were formed as special purpose vehicles to give flexibility for potential REIT or InvIT structures in the future. - **Related-party investees tie the ecosystem together** - the company has material transactions with Billmart Fintech (bill discounting), String Metaverse (blockchain gaming), Winteg People Solutions (HR tech) and Rajath Finance (investment), creating a network of connected entities that sit alongside the core trading business. - **Promoter holding is modest** - as of March 2026, the promoter group held 15.52% of the diluted share capital, with the largest individual holder at 7.3%, meaning control is exercised with a relatively small economic stake.