Real estate firm Skyblue Buildwell has acquired a majority stake in digital commerce platform HomeShop18 for an undisclosed amount.
In a stock-exchange filing, Network18 Media & Investments Ltd said that Skyblue had acquired an 82.64% stake in TV18 Home Shopping Network Ltd. As a result, Skyblue has become the promoter of HomeShop18.
HomeShop18 has ceased to be a subsidiary of NW18 HSN Holdings Pic and an associate of Network18 Media & Investments. Network18 is now one of the minority shareholders of HomeShop18 with an effective holding of 8.67% in the total share capital.
“Accordingly, the company (HomeShop18) is in the process of changing its corporate as well as its brand name,” Network18 added.
The transaction involved a fresh round of funding for HomeShop18 in which Network18 and the digital commerce platform’s other existing investors did not participate. HomeShop18’s shareholders include SAIF Partners, GS Home Shopping South Korea, OCP Asia, CJO Shopping Co. Ltd. and Providence Equity Partners.
A commerce platform with a presence on multiple mediums, HomeShop18 launched India’s first 24-hour home shopping channel in 2008. The company sells products across segments, including electronic items, clothing and jewellery.
In 2017, the platform said it was merging with ShopCJ Network Pvt. Ltd., a joint venture between private equity investor Providence Equity Partners and Korean firm CJO Shopping.
The merger was effected by way of a share swap, with Shop CJ Network getting a 25% stake, resulting in HomeShop18 no longer being an immediate subsidiary of Network18 Media and Investments.