HomeShop18 Gets Fresh Round of Funding - Raises USD 14 Million of Growth Capital

By: Homeshop18.com
 
Oct. 23, 2013 - PRLog -- New Delhi, October 23, 2013 – HomeShop18, India’s leading virtual commerce business, announced that it has closed a USD14 million follow-on funding round with GS Home Shopping (GS), funds managed by OCP Asia Ltd. (OCP Asia) & Network18. GS will invest USD 11 Million; OCP Asia & Network18 will invest the remaining amount. The transaction values HomeShop18 at USD 360 Million.

Network18 will remain the majority shareholder (51%) in HomeShop18. SAIF Partners, GS Home Shopping and OCP Asia are the other existing investors at HomeShop18. GS is the third largest Home Shopping company in the world and the market leader in Korea.

HomeShop18 launched India’s first 24 hour Home Shopping TV channel in 2008. Today, it provides an integrated virtual shopping experience on Internet, Television and Mobile apps through HomeShop18.com and the 24x7 TV channel. Since inception, HomeShop18 has acquired a customer base of over 8 Million. It has built an impressive portfolio of over 12 million SKUs across multiple product categories and a logistical reach of over 3,000 locations across India. Homeshop18 is one of India’s fastest growing virtual commerce companies with revenues having more than doubled over the last year.

Announcing the transaction, Sundeep Malhotra Founder & CEO, HomeShop18 said, “This round marks an inflexion point for the business as the company rapidly moves towards profitability while continuing to scale up revenues. It is gratifying to see the vote of confidence in our business model from GS and the continued support of OCP and our Promoter, Network18.”

Huh Tae Soo, CEO and President, GS Home Shopping said, “We are delighted to invest further in HomeShop18, India’s leading virtual commerce company. We believe that HomeShop18 is well positioned to capitalize on the Indian consumer opportunity and we look forward to supporting the company with our global experience. "

Raghav Bahl, Managing Director, Network18 said that, “We are pleased to see that the business continues to grow strongly and that profitability is firmly on the horizon. A significant amount of value has already been built in the business and we are very excited about future prospects as the business continues to scale rapidly. GS has been a great partner in generously sharing their unique insights and expertise to help grow the business. We look forward to their continued support.”

BMR Advisors acted as transaction advisors to the company.

About HomeShop18

HomeShop18 is India’s first comprehensive virtual retail business, selling credible brands to customers nationally, operating in a multimedia environment including Internet, TV and via mobile. Started in 2011, HomeShop18.com is the e-commerce arm which is setting a benchmark in the ecommerce industry by offering innovative, differentiated and demonstrative retail experiences on the Internet. And with the introduction on mobile shopping in 2012, Homeshop18 redefines the way consumers shop. Present over all virtual platforms of shopping, HomeShop18 has emerged as a leading virtual commerce player in India with a strong presence on TV, Web and Mobile app.

As a pioneering player in the space, HomeShop18 changed the way Indians shop by launching India’s first 24 hour Home Shopping TV channel in 2008. HomeShop18 has over the years acquired a customer base of 8 MM. It has a built a wide portfolio of over 12 million SKUs across multiple product categories, over 1000 brands and a logistical reach of over 3,000 locations across India.

HomeShop18 strives to provide high quality products at exceptional value to consumers through innovative, differentiated and demonstrative retail experiences on Internet, TV and mobile.

For details on HomeShop18 shows and its various products, please log on to www.homeshop18.com.
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Source:Homeshop18.com
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Tags:Homeshop18, Funding, OCP Asia, Network18
Industry:E-commerce
Location:Delhi - India
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