Digidrive Distributors Ltd Company Summary

Digidrive Distributors Ltd Summary

Digidrive Distributors Limited was incorporated on 15 March 2022. The Company is a specialised master distributor for retailing goods on all digital marketplaces. Amongst all the products that Company aims to sell through the online marketplace, Carvaan, supplied by Saregama India Limited, is one of the key products in its bouquet. The Companys business operations is mainly E-commerce marketplace.The Companys marketplace provides customizable online storefront solutions on a scalable platform, including mobile applications, digital product catalogue, content management, promotions handling, access to payment gateways as well as fulfilment services. The marketplace enables merchants to access customers across multiple sales channels and provides cost-effective marketing and distribution solutions. The Companys e-retail operations provide it with access to customers, market analytics and other synergistic operating efficiencies and offerings and an additional sales channel for marketplace merchants.Further, through the subsidiary Open Media Network Private Limited, the Company published the own weekly current affairs and feature magazine OPEN. Further, the Company is part of the RP-Sanjiv Goenka Group. The RP-Sanjiv Goenka Group is a large conglomerate having interests in, amongst others, power and natural resources, carbon black, retail and FMCG, media and entertainment, infrastructure, information technology, education and sports. The RP-Sanjiv Goenka Group includes entities such as CESC Limited, Phillips Carbon Black Limited, Saregama India Limited, Firstsoursce Solutions Limited, Spencers Retail Limited, RPSG Ventures Limited, Harrisons Malayalam Limited and Woodlands Multispeciality Hospital Limited, amongst others. The Company in 2017, launched, the Carvaan, a portable digital music player with in-built stereo speakers that comes in different product variants consisting 250 to 5000 evergreen preloaded songs across languages and genres, allowing customers to listen to music anytime without any advertising breaks. Having built the required expertise and skillset, the Company planned to offer its sales and marketing services to other market participants.In 2023, the Scheme of Arrangement between Saregama India Limited (SIL) and the Company was implemented in 2022, where the entire E-Commerce Distribution Business of Saregama India Limited got demerged into the Company. In terms of the said Scheme of Demerger, the Company shall issue and allot 1 fully paid-up equity share of the Company having face value of Rs 10 each for every 5 fully paid-up equity shares of Re. 1 each of SIL to the shareholders of SIL.