Network 18's e-commerce site HomeShop18 raises $30 mn
Posted on: 08:56 PM IST Apr 11, 2013
New Delhi: E-retailing firm HomeShop18 on Thursday said its promoter Network 18 and Hong Kong-based hedge fund OCP Asia will invest USD 15 million each - totalling about Rs 164 crore - in the company. The e-commerce firm added that it has been valued at USD 330 million (about Rs 1,799 crore).
"HomeShop18 has entered into an agreement with funds managed by OCP Asia Ltd and Network18 to inject a fresh round of growth capital. OCP Asia will invest USD 15 Million into the company, matched by an equal contribution from Network18," it said in a statement.
"Network18 will remain the majority shareholder (over 51 per cent) in HomeShop18. SAIF Partners and GS Home Shopping are the other existing investors at HomeShop18," it added. OCP Asia is one of the top 25 hedge fund managers in Asia as per the Asia Hedge Fund 25 Ranking published by Institutional Investor.
"We are now on the throes of our next phase of growth, and we believe OCP Asia's investment will help put us on an accelerated path of growth," HomeShop18 CEO Sundeep Malhotra said.
OCP Asia was established in September 2009 by Stuart Wilson and Teall Edds, hedge fund managers with over 40 years of combined investment and risk management experience in Asia. HomeShop18 launched India's first 24 hour home shopping TV channel in 2008, it said, adding that it has a customer base of about 6.1 million and a portfolio of over 12 million products with a logistical reach to over 3,000 locations across the country.