String Metaverse Limited , formerly known as Bio Green Papers Limited, has announced the sale of its entire shareholding in its subsidiary, String AI IFSC Private Limited, to US-based Axill LLC. The transaction, valued at ₹1.84 crore (approximately USD 2.09 lakh), was completed on September 11, 2025, marking a significant move in String Metaverse's corporate strategy.

Transaction Details

The sale involved 1,38,83,568 equity shares of String AI IFSC Private Limited, each with a face value of ₹1. Following this divestment, String AI IFSC has ceased to be a subsidiary of String Metaverse Limited. The buyer, Axill LLC, is a Delaware-based company located at 651 N Broad St, Suite 201, Middletown, Delaware 19709, County of New Castle, USA.

Financial Impact

For the fiscal year ending March 31, 2025, String AI IFSC contributed significantly to String Metaverse's financial position:

Regulatory Compliance

String Metaverse Limited has confirmed that this transaction does not fall under the category of related party transactions. The company has made the necessary disclosures in compliance with Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Company Statement

M. Chowda Reddy, Company Secretary & Compliance Officer of String Metaverse Limited, stated in the regulatory filing, "Consequent to the above transaction, String AI IFSC Private Limited has ceased to be a subsidiary of the Company with effect from 11th September, 2025."

This strategic move by String Metaverse appears to be part of its ongoing efforts to streamline its operations and focus on core business areas. The impact of this divestment on the company's future financial performance and strategic direction remains to be seen.

String Metaverse Limited , a company at the forefront of Web3 and AI technologies, has announced a significant overhaul of its top leadership positions. The changes, approved by the company's Board of Directors on September 8, 2025, mark a new chapter in the company's strategic direction.

Key Leadership Changes

The company has witnessed multiple high-profile resignations and appointments:

• CEO Transition: Sai Santosh Althuru has stepped down from his role as Chief Executive Officer, effective September 8, 2025. He will continue to serve as an Executive Director on the company's Board.

• New CEO Appointment: Raghavendra Hunasgi, a globally recognized marketing leader and entrepreneur, has been appointed as the new CEO. Hunasgi brings a wealth of experience, including co-founding Zeebu, the world's first Web3 Neo Bank for telecom carriers.

• CFO Resignation and Appointment: Meenavalli Krishna Mohan has resigned from his position as Chief Financial Officer, effective September 8, 2025. He will remain on the Board as an Executive Director. Hemant Prabhudas Vastani, a Fellow Chartered Accountant with over 37 years of experience, will take over as the new CFO starting October 1, 2025.

• Board Changes: Hemant Prabhudas Vastani resigned from his position as an Independent Director on September 7, 2025. The company has appointed Amar Kumar as an Additional Director (Non-Executive & Independent) for a five-year term, subject to shareholder approval.

Strategic Implications

The appointment of Raghavendra Hunasgi as CEO is particularly noteworthy. His background includes:

• Co-founding Zeebu, which achieved a market cap of USD 2.80 billion and processed over USD 7.00 billion in transactions within 30 months.
• Leadership roles at companies like Evolutyz Corp, Cigniti Technologies, Infosys, and Goldstone Technologies.
• Recognition among the Top 100 Global CMOs by BBC and the CMO Council.
• Academic credentials including a PhD in Marketing and a Post-Doctoral Research Fellowship at Harvard Business School.

Hunasgi's appointment is expected to bolster String Metaverse's global brand positioning, investor engagement, and fundraising initiatives, aligning with the company's vision to become a category leader in the Web3 and AI sectors.

Continuity and Expertise

While the company is undergoing significant changes, it's worth noting that both Sai Santosh Althuru and Meenavalli Krishna Mohan will continue to serve as Executive Directors, ensuring some continuity in the company's leadership.

The new CFO, Hemant Prabhudas Vastani, brings extensive experience in finance, accounting, audit, and taxation. His previous roles as CFO at Multi Commodity Exchange of India Ltd. (MCX) and Viaan Industries Limited, along with his involvement in professional and academic circles, position him well to guide the company's financial strategy.

Looking Ahead

These leadership changes come at a crucial time for String Metaverse Limited as it navigates the rapidly evolving Web3 and AI landscapes. The new leadership team, with its diverse experience and expertise, is poised to drive the company's growth and innovation in these cutting-edge sectors.

As String Metaverse moves forward with its new leadership, stakeholders will be watching closely to see how these changes translate into strategic initiatives and market performance in the coming months.