Network18 Media & Investments (Network18) has announced that OCP Asia has entered into an agreement to invest $15 million in its virtual commerce business – HomeShop18. Network18 will also invest a similar amount in the company. The transaction values HomeShop18 at $330 million.
Network18 will continue to be the majority shareholder (51+ per cent) in HomeShop18. SAIF Partners and GS Home Shopping are the other existing investors at HomeShop18.
Commenting on the transaction, Raghav Bahl, Managing Director, Network18 said, “HomeShop18 has rapidly grown into one of India’s leading virtual commerce destinations. 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.”
Sai Kumar, Group CEO, Network18 added here, “We believe HomeShop18 is well positioned to take advantage of the impending digital boom in both the TV and internet segments. In addition, it is encouraging to see that the e-commerce sector is now focusing on profitable growth as the customer acceptance of the proposition grows.”
HomeShop18 launched India’s first 24-hour home shopping TV channel in 2008. Today, it provides an integrated virtual shopping experience on the internet, television and mobile through the HomeShop18 website and the 24x7 channel.
OCP Asia is one of the top 25 hedge fund managers in Asia, as ranked by 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 40 years of combined investment and risk management experience in Asia.