Media and entertainment company Zee Entertainment Enterprises Ltd (ZEEL) has done an investment of Rs. 522 crore in technology startup Margo Networks Pvt. Ltd. (SugarBox).
ZEEL already has an ownership of 80% stake in SugarBox and the extra investment will be utilized for the operational and financial work of the startup company.
SugarBox is about setting up internet services in areas where there is no or poor network connectivity. SugarBox allows users to access internet even with a proper data connection. Using the platform, users can stream and download videos, learn online, pay important bills, play games and enjoy listening to music. All these services can be accessed without having to depend on mobile data or even internet connection.
The move to make the investment is to support digital content consumption and improve its digital business growth.
SugarBox is estimated to have 300 monthly unique users and 25 million registered daily users by mid of the year 2022. The startup company is expected to start its commercial operations across long-term contracts that are exclusive of Chennai Metro, NMMT, Kolkata Metro, Indian Railways and others.
