ZEE invests ₹522 crore in tech startup SugarBox1 min read . Updated: 10 Apr 2020, 11:20 PM IST
- ZEE owns 80% stake in SugarBox and the additional investment will be used for operational and financial support
- SugarBox enables internet services to work in areas of bad or no network
NEW DELHI : Media and entertainment company Zee Entertainment Enterprises Ltd (ZEEL) said it has invested ₹522 crore in Margo Networks Pvt Ltd (SugarBox), a tech startup it bought three years ago.
SugarBox helps users access Internet services in areas of bad or no network, ZEEL said. Users at key places of interest (PoIs) can access its servers over a local wi-fi network. PoIs include public transport, public places, rural areas, hotels, co-living spaces and malls where a large mass of users access a host of digital services. Zee currently holds a 80% stake in SugarBox.
Using the SugarBox platform, a user will be able to stream and download videos, listen to music, play games, learn on-the-go, pay bills and access other online services without a mobile data connections. This investment has been made to exploit strong synergies of the technology developed by SugarBox with the current businesses of the company with a potential to significantly augment digital content consumption, ZEE said in a statement.
“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," Punit Goenka, managing director and chief executive officer, ZEEL, said in a note.