ZEE to invest Rs 522 crore in tech subsidiary Margo Networks

MUMBAI: Indian media firm Zee Entertainment Enterprises (ZEE) said Thursday it will invest Rs 522 crore in majority-owned subsidiary Margo Networks, which offers content distribution services under the brand name of ‘SugarBox’.

ZEE said its board has approved the decision to extend financial and operational support to SugarBox and the investment will be made over a period of two to three years.

The media company had picked up 80% stake in Margo in March 2017 for Rs 75 crore, valuing the start-up at Rs 95 crore post issuance of fresh shares. Margo is s expected to close FY20 with a revenue of Rs 47 lakh.