MUMBAI, Dec 24 (The CONNECT) – Technology investment company Spacenet Enterprises India Limited has announced a composite scheme of arrangement for the demerger of its Software division with Winteg People Solutions Private Limited and merger with Pathfinder Enterprise Solution Private Limited.
This strategic merger is set to create a new paradigm in the retail and AI sectors, signifying a transformative step in Spacenet’s journey towards technological innovation and shareholder value enhancement, Spacenet said
Under this merger Spacenet shareholders are poised to receive a significant stake in the new entity, with a share distribution formula of 25% to Spacenet shareholders – one share in the new company for every four Spacenet shares held. Pathfinder will hold a commanding 75% in the newly formed company, pending regulatory and NCLT approvals. The new entity, managed under Pathfinder’s expertise, is slated for listing on the National Stock Exchange (NSE), marking a significant milestone in the Indian tech and retail landscape.
Pathfinder, renowned for its AI-driven solutions serving over 1500 retail brands, 150+ shopping centers, and 20+ airports, boasts an impressive clientele including The Forum, Brigade, DLF, Bharati, Virtuous Retail, and RMZ Corp. The merger heralds the launch of India’s first retail GPT device, a revolutionary tool in revenue assurance, addressing unreported sales and generating valuable customer data.
“Today’s collaboration is not just a merger, it’s a leap into the future of retail and AI technology,” said Sadiq Ahmed, MD of Pathfinder Enterprise Solutions Private Limited. “The creation of this new entity under Pathfinder’s management is poised to bring unparalleled brand visibility and awareness to our customers, firmly establishing us as a pioneer in AI-driven solutions for the multi-billion-dollar retail industry.”
The merger between the two companies is aimed at benefiting Pathfinder customers. It will provide them with enhanced capabilities and features, more comprehensive retail solutions, and innovative customer engagement strategies. With a broader network of retailers and cutting-edge solutions, customers can stay ahead in the ever-evolving retail technology landscape. Overall, the merger is intended to bring added value, innovation, and growth opportunities to current Pathfinder customers, solidifying their position in the industry.
Sadiq said, “RetailGPT is transforming brick-and-mortar stores into eMarketplaces, redefining customer engagement, and contributing to revenue growth. “It offers profound insights into customer behaviour and a comprehensive solution for connected and customer-centric shopping experiences. RetailGPT positions Pathfinder at the forefront of reshaping the retail landscape and empowering businesses to thrive in an ever-evolving market,” he added.
Prakash Dasigi, Executive Director of Spacenet commented this strategic merger aims to rapidly expand the RetailGPT ecosystem, fostering a vibrant community of retailers and shoppers to create a dynamic and thriving retail environment.
While their primary focus is on the retail industry and retail real estate, Spacenet and Pathfinder Forge also recognize the potential to offer their services to adjacent sectors within the real estate landscape. Specifically, they may explore opportunities in the following areas: Commercial Real Estate, Hospitality and Entertainment Venues, Mixed-Use Developments, and Transportation Hubs. Additionally, they are interested in contributing to Smart Cities Initiatives.
“Following the merger, we will strategically explore new regions in India, focusing on Tier 2 to Tier 5 towns. These regions present unique opportunities to gain deep insights into local consumption patterns, allowing us to tailor our offerings to the specific needs and preferences of diverse communities.” Prakash added.
