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.
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.”