The multi-channel retail company, HomeShop18 has raised $14 million in a follow-on funding round from G S Home Shopping, funds managed by OCP Asia and Network18.
Owned by Network 18, the company statement says, GS will invest $11 Million; OCP Asia
& 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 at Hom
eShop18. GS is the third largest Home Shopping company in the world and the market leader in Korea.
Announcing the transaction, Sundeep Malhotra, 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.”
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