The online teleshopping arm of Network 18, Homeshop18, has closed$14 million in a new round of funding led by existing investors - Korean home shopping major, GS Home Shopping (GS), OCP Asia Ltd (OCP Asia) and Network18. GS is investing $11 million while OCP Asia and Network18 will invest the rest.
The new funding will now value HomeShop18 at$360 million. Network18 will remain the majority shareholder in HomeShop18 with 51% stake. BMR Advisors acted as transaction advisors to the company. The new funding comes in few months after OCP Asia Ltd. (OCP Asia), along with Network18 had invested $15 million each in the company. Previously, Homeshop18 had raised $18.6 million in funding from investors including SAIF partners in July 2012. In 2009, GS Home Shopping, along-with Network18 had injected $23.5 million in Homeshop18. HomeShop18 claims to have acquired a customer base of 7.5 million with a portfolio of over 12 million SKUs across multiple product categories at over 3,000 locations across India.
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