Network18's HomeShop18 raises US$ 30mn of Growth Capital!

HomeShop18, India’s leading virtual commerce business, announced that it has entered into an agreement with funds managed by OCP Asia Ltd. (OCP Asia) & 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. The transaction values HomeShop18 at USD 330 Million.

Network18 will remain the majority shareholder (51%+) in HomeShop18. SAIF Partners and GS Home Shopping are the other existing investors at HomeShop18. 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. 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. Today, it provides an integrated virtual shopping experience on Internet, Television and Mobile through HomeShop18.com and the 24x7 channel. HomeShop18 has over the years acquired a customer base of 6.1 MM. 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. Homeshop18 is one of India’s fastest growing virtual commerce companies with
revenues having more than doubled over the last year.

Announcing the transaction, Sundeep Malhotra, CEO, HomeShop18 said, “We have made significant strides at HomeShop18 over the past couple of years and have emerged as a leader in the Indian virtual commerce space. 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. We are delighted that Network18, our Promoter, has backed their continued belief in the HomeShop18 business model by investing their fair share of the round.”

Teall Edds, OCP Asia, said, “We are delighted to partner with India’s premier virtual commerce company, Homeshop18 and be part of the Indian e-Commerce and retail growth story. We believe that HomeShop18 is a world class platform that is well positioned to capitalize on the India growth story. "

Sarbvir Singh, Head, Investments, Network18 said that, “We are pleased to reaffirm our belief in HomeShop18 and invest in one of India’s leading virtual commerce businesses. It is gratifying to see the value built up in the business over the relatively short period since the company was founded. We welcome OCP Asia as they join SAIF Partners, GS Shop and us in building out the business.”