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Updated: HomeShop18 Reports Rs 225.4 Cr Revenue In FY13; CoinJoos Bought For Rs 5 Cr

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Update: Homeshop18 has clarified that the turnover figure mentioned (Rs 225.4 crore) is the net turnover, and their gross turnover is above Rs 1000 crore. Our take on this is that while it’s market practice to quote gross turnover, it’s the net turnover that should be used for comparison.

Yesterday: TV18 Home Shopping Network (HomeShop18) has reported total revenues of Rs 225.4 crore for the financial year ending March 31, 2013 (FY13), up 89.4% from Rs 119 crore revenues in FY12.

The company however reported increased losses of Rs 120 crore for FY13, a 11.84% increase from Rs 107.3 crore loss in FY12. Network18 hasn’t provided any split between HomeShop18’s TV and online business.

Network18 owns 100% stake in TV18 Home Shopping Network. It also mentions a Cyprus-based subsidiary ‘TV18 HSN Holding Ltd’ in which Network18 holds 46,308,665 ordinary shares of $0.04 each, which accounts to 52.77% stake in the company. The remaining stake is held by SAIF II Mauritius Company Limited and G S Home Shopping Inc.

Read: We’re The Only Company In The Space That Has FDI Approval – Homeshop18 CEO Sundeep Malhotra

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CoinJoos Acquisition: Network18 has revealed that HomeShop18 had acquired the online books portal CoinJoos for a total consideration of Rs 5 crore, out of which Rs 4 crore was subject to CoinJoos promoters continuing to work in HomeShop18. The employment period hasn’t however been disclosed.

Further, as per the agreement, the consideration was payable upon achievement of certain milestones and the company has presented an amount of Rs 2.75 crore as a current liability, which shall be paid as stipulated in the agreement.

For the year ended March 31, 2013, an amount of Rs 50 lakhs was written back as other income due to a non-achievement of a milestone. The company management believes that the future milestones are likely to be achieved. HomeShop18 had acquired CoinJoos in July 2011 and launched an online book store in March 2012. CoinJoos founder and CEO Nitin Gupta had joined Homeshop18 as the head of the books category.

Metrics: HomeShop18 claims to have clocked 3.7 million transactions for the year 2012 (Jan-Dec 2012), a 97% increase year-on-year (YoY). It claims to have more than 12 million SKUs from over 500 brands and delivers products to over 3,000 towns and cities in India.

Citing comScore metrics, the company claims to have recorded 7.7 million unique visitors in December 2012, a 185% increase from 2.7 million uniques in December 2011. It also claims to have recorded around 75 million page views in December 2012.

Related:

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Homeshop18′s Plan For Retailing Food and Groceries
HomeShop18 Raises Around $30M From OCP Asia, Network18
Homeshop18 Launches Virtual Shopping Wall At Delhi Airport; The Point?
#NAMA Video: Binny Bansal & Sundeep Malhotra On Building An E-Commerce Business In India
HomeShop18 CEO: We Do Not Have Any Definitive IPO Plans In The Near Future

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