New Delhi: E-commerce company HomeShop18, operated by Network18, has raised a total of $30 million (around Rs.163 crore) from hedge fund OCP Asia, and Network18. OCP and Network18 contributed $15 million each, the company said in a statement on Thursday.
This is HomeShop18’s third round of funding. In 2008, it raised $16 million from SAIF Partners and an additional $5 million from Capital18. In the following year, South Korea’s GS Shopping paid $18.5 million for a 15% stake in the company.
The current transaction values HomeShop18 at $330 million. Network18 will remain the majority shareholder in HomeShop18. OCP Asia’s owns a 10% stake.
“We will channelize these funds in increasing both the IT as well as logistics infrastructure as well as active consumer engagement,” said Sundeep Malhotra, chief executive, HomeShop18. Started in 2008, HomeShop18 launched India’s first 24-hour home shopping television channel. In 2011, it ventured into e-commerce.