With this investment, ZEEL intends to enhance its growth in the digital ecosystem, expanding its presence beyond OTT and AdTech.
The Board of Zee Entertainment Enterprises Ltd. (ZEEL), at its meeting held on April 8, 2020, has agreed to invest a sum of Rs. 522 crore in Margo Networks Private Ltd. (SugarBox). SugarBox is a platform that enables internet services to work even in areas of bad or no network and empowers users to access them without an active data connection. It creates a hyperlocal data distribution ecosystem by installing CDN Edge servers at key places of interest (POIs), which users can connect to over a local Wi-Fi network. SugarBox POIs include public transport, public places, rural areas, hotels and co-living spaces, malls... where a critical mass of users accesses a host of digital services. Using the SugarBox platform, a user will be able to stream and download videos, listen to music, play games, learn on-the-go, shop online, pay bills, order food and groceries, book onward transport and access other digital services, all without dependence on cellular data or even the need of an internet connection.
In the year 2017, ZEEL had acquired 80 per cent equity stake in SugarBox. With this investment, ZEEL intends to enhance its growth in the digital ecosystem, expanding its presence beyond OTT and AdTech.
Punit Goenka, managing director and chief executive officer, ZEEL says, "Our investment in SugarBox, gives a strong fillip to the overall digital business, sharpening its approach by many folds. The unique technology will enable us to serve content to consumers across the Nation, without being restricted by connectivity constraints. We are confident that this synergy will create a strong foundation for us, as we progress towards offering relevant content to consumers across platforms.”
Rohit Paranjpe, co-founder and CEO of SugarBox, adds, “With this investment, SugarBox will commence commercial operations across exclusive long-term contracts like L&T Metro, Chennai Metro, NMMT, Kolkata Metro, Indian Railways and forge new partnerships to scale up its network. SugarBox is at the forefront of revolutionizing availability, affordability and reliability of digital services for the next billion users globally – something that even Big Tech has struggled to achieve sustainably. This investment will provide a giant leap towards us achieving that goal.”
With this investment, the SugarBox platform is expected to reach 25 mn users daily and 300 mn monthly unique users by mid-2022, unlocking an aggregate of 2.5 bn hours of monthly consumption in a near-captive environment, where access to internet services is otherwise limited due to uneven connectivity.