Sellwin Traders inks $3 mn MoU with UAE firm, Q3 income soars 90%

Sellwin Traders Reports 90% Revenue Surge, Inks $3 Mn Deal for Blockchain Tokenization Platform

Ahmedabad, January 19: Sellwin Traders, which announced a 90% increase in revenue for the December quarter, announced on Sunday that it has agreed to pay US$3 million (about Rs 26 crore) to Sekarbit FZCO, a company based in the United Arab Emirates, to develop a blockchain-based tokenization platform for stocks, bonds, and real-world assets.

The platform will be created for Secorbit to enable the tokenization of stocks, bonds, and physical assets, with a focus on scalability, security, and seamless interface with existing financial and blockchain ecosystems, the company said in a statement.

In the October–December quarter, Sellwin Traders also recorded a 90% increase in income, reaching Rs 17.42 crore. During that time, net profit more than tripled to Rs 0.75 crore.

According to the statement, the board of the city-based company has also authorized a plan to fund Rs 13.75 crore by preferentially allocating convertible warrants up to 2.5 crore at a price of Rs 5.50 each.

The company also announced plans to take its commodity trading subsidiary, SDF Productions, to the global market with agricultural produce like Nagpur orange and alphonso mango pulp.

The company, which has recently bagged orders worth over Rs 25 crore, exports local produce to Iran, UAE, Middle East and Germany, and plans to expand its presence in Europe, UK and CIS markets.