Update: Sundeep Malhotra, Founder and CEO, HomeShop18.com has declined any such developments and shared the following statement with Medianama:
“Homeshop18.com is focussing on strengthening its product portfolio, customer engagement and increasing domain knowledge. At present, we are adequately funded and do not have any definitive plans for an IPO in the near future. It will be extremely premature to give a time-frame or talk about something which is not even decided.”
Previously: Network18 owned online retailer, HomeShop18 is prepping up for a $100 million US IPO, reports Reuters. Citing two sources with direct knowledge of the development, the report states that the group is currently in talks with bankers and institutional investors including private equity firms, to pick up shares as part of the listing plan. The company intends to use the money raised to invest in technology and improve its back-end infrastructure.
While Sundeep Malhotra, founder and CEO of Homeshop18 declined any such plans in the short term, he stated that the company is open to an IPO in the future. We’ve written to Homeshop18 for a confirmation and will update the post once we get a response back.
Launched in 2011, Homeshop18 claims to be the largest e-retailer in India with a monthly reach of 2.8 million unique visitors and 10 million products across various categories like fashion, health and beauty, apparels, gadgets, electronics, books, jewellery, kids, movies, household appliances, and gifts among others, available on the website. In July 2011, Homeshop18 raised Rs 100 crore from existing investors SAIF Partners, Network18 and the South Korean home shopping retailer GS Shopping and had intentions to raise an additional Rs 200 crore, for which it was reportedly in talks with some investors already. Prior to this, HomeShop18 had raised $18.5 million from GS Home Shopping, with an additional investment of $5 million put in by parent company Network18.
In July 2011, It had acquired the online books retailer CoinJoos.com for an undisclosed amount and had launched an online bookstore offering books across several categories including educational, business, fiction, non-fiction, humor, and entrepreneurship among others. It had claimed to offer 10 million book titles across 100 categories and had stated its intentions to add more categories to its catalog in the future. In addition, it had also introduced an Active Books service on DTH platform through DishTV, offering a range of discounted books and best sellers, which can be browsed on television and ordered over the phone.
For the quarter ending December 2011, HomeShop18 had reported revenues of Rs. 21.3 crore, recording a 28% growth over the corresponding quarter last year on a proforma basis. During the quarter, the orders executed had also reportedly grew by over 25% over the last quarter and 101% Year on Year.