Disclosure under Regulation 46 of SEBI LODR

Business Details

Digidrive Distributors Limited was incorporated on 15 March 2022 under the provisions of the Companies Act, 2013 as a public company within the meaning of the Companies Act, 2013 and limited by shares.

The company has its registered office in Kolkata. The Company was incorporated to create 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 Company intends to sell a suite of products using the online channel, in the B2B segment.

Launched in 2017, the Carvaan is 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 also plans to offer its sales and marketing services to other market participants.

The Company’s business operations is mainly E-commerce marketplace.

The Company’s 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 Company’s e-retail operations provide the Company with access to customers, market analytics and other synergistic operating efficiencies and offerings and an additional sales channel for marketplace merchants.

Further, through the Company’s subsidiary Open Media Network Private Limited, the Company also publish the Company’s 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, Spencer`s Retail Limited, RPSG Ventures Limited, Harrisons Malayalam Limited and Woodlands Multispeciality Hospital Limited, amongst others. The Company’s association with this group has enabled it to absorb its corporate values and principles and adhere to good corporate governance practices which also aids the Company in procuring new businesses and exploring various other opportunities.