GS Home Shopping leads this funding round. The transaction values HomeShop18 at $360 million
BestMediaInfo Bureau | Mumbai | October 24, 2013
HomeShop18, a leading virtual commerce business, has announced that it has closed a $14 million follow-on funding round with GS Home Shopping (GS), funds managed by OCP Asia and Network18. GS will invest $11 million; OCP Asia and Network18 will invest the remaining amount. The transaction values HomeShop18 at $360 million.
Network18 will remain the majority shareholder (51 per cent) in HomeShop18. SAIF Partners, GS Home Shopping and OCP Asia are the other existing investors in HomeShop18. GS is the third largest home shopping company in the world and the market leader in Korea.
HomeShop18 launched Indiaâ€™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 Indiaâ€™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, â€śThis 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.â€ť
Huh Tae Soo, CEO and President, GS Home Shopping, said, â€śWe are delighted to invest further in HomeShop18, Indiaâ€™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, â€śWe 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.â€ť