E-commerce firm HomeShop 18 on Wednesday said that it closed $14 million follow-on funding round with South Korea’s GS Home Shopping (GS), hedge fund OCP Asia and Network18.
While GS will invest $11 million, OCP Asia and Network18 will invest the remaining amount, according to a statement by the company.
Network18 will continue to remain the majority shareholder with 51 per cent holding in HomeShop18. SAIF Partners, GS Home Shopping and OCP Asia are existing investors.
CEO of HomeShop18 Sundeep Malhotra said, “This round marks an inflexion point for the business.”
CEO and President of GS Home Shopping, Huh Tae Soo said, “We believe that HomeShop18 is well positioned to capitalize on the India consumer opportunity.”
The transaction values HomeShop18 at $360 million (approx Rs 2,200 crore).
BMR Advisors acted as transaction advisors to the company.
Published 23 October 2013, 18:17 IST