Homeshop18 Closes $14 mn Funding from GS Home Shopping & Others; Valued at $360 mn
Homeshop18, the television and Internet shopping company owned by Network18, has raised $14 mn in a follow-on funding round from G S Home Shopping, funds managed by OCP Asia and Network18.
The company informed the stock exchange (pdf) that GS will invest $11 mn and OCP Asia and Network18 will invest the remainig amount in the transaction which values HomeShop18 at $360 mn.
Network18 will remain the majority shareholder (51%) in HomeShop18.
SAIF Partners, Korean home shopping giant GS Home Shopping and OCP Asia are the other existing investors at HomeShop18.
The company which sells products on Television and the Internet said that its revenues has doubled over the last year.
In April this year, the company raised $30 mn from Asian hedge fund OCP Asia Limited and Network18, valuing the company at $330 mn. The retailer was reportedly trying raise money through an IPO. There are no updates on the IPO yet.
Homeshop18 started out as a shopping television channel in 2008 and diversified into e-commerce as it picked up.