Network18 Media & Investments on Thursday said it has exited from HomeShop18 following a fresh round of fundraising by the latter in which none of the existing shareholders took part.
Real estate firm Skyblue Buildwell has acquired 82.64% stake in HomeShop18 after fresh round of funding, said Network18 Media & Investments in a regulatory filing without sharing details.
After the investment, Skyblue has become the holding company and promoter of TV18 Home Shopping Network (HomeShop18), it added. HomeShop18 has also ceased to be a subsidiary of NW18 HSN Holdings Pic and an associate of Network18 Media & Investments. “Accordingly, the company is in the process of changing its corporate as well as brand name,” it said.
In the latest round of funding, HomeShop18’s existing shareholders namely Network18 Media & Investments, SAIF Partners, GS Home Shopping South Korea, OCP Asia, CJO Shopping and Providence Equity Partners did not participate.
Started in 2008, HomeShop18 is India’s first comprehensive digital commerce player, selling products through not just TV but also internet and mobile.
It also acquired peer ShopCJ through a share-swap deal in February 2018.
Source: Mint