Network 18 Media & Investment has raised $21 million in second round funding for its home shopping network business Homeshop18 from private equity firm SAIF Partners and Capital 18, the private equity arm of Network 18 group. SAIF Partners has put in $16 million in this round and Capital18 $5 million.
This is the second round of equity transaction in the company, which is a 75:25 JV between Network 18 Group and SAIF Partners (in that order). HS18 operates through both television medium and online (www.homeshop18.com).
In its communiqué to the stock exchange, Network 18 Media & Investments said that its home shopping business hawks about 15,000 products across multiple categories. It also claims that the network reaches over 1,500 cities.
SAIF Partners has a similar joint venture business in China called Acorn International, which went in for a $128-million IPO two years ago. This JV had revenues of close to $200 million in 2006. The fund is trying to repeat the China success in India in the home shopping space. It has invested in the National Stock Exchange, SIFY, IL&FS Investment, JustDial.com, Makemytrip.com, Slashsupport, One97 Communications, VETA, Mainland China , ICA & Homeshop 18.
Homeshop 18 is an unlisted majority owned subsidiary of Network 18 Media & Investments Ltd (N18). The other subsidiaries of N18 are the listed TV18 India Ltd and IBN 18 Broadcast Limited.
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