Sachin Rastogi, Chief Financial Officer of the IPO-bound TV and online commerce company HomeShop18 had resigned from his position with effect from December 31, 2013, the company has disclosed in its preliminary IPO filing. He was with HomeShop18 for about three years, having joined the company from eClerx in October 2010.
Sarbvir Singh who was heading Network18′s venture capital arm Capital18, has now taken over this role since January 1, 2014. Strangely, when we had spoken to Sarvbir Singh back in February (Feb 7 to be exact) to confirm whether he has been made the CFO of HomeShop18, Singh had denied this and told MediaNama that he is only helping out the company.
Prior to this, Singh was the managing director of Capital18 for about seven years (Jan 2007 – Dec 2013) and was responsible for making investments in media, entertainment, education and technology ventures. Before this, he was the managing partner of Hercules Capital for about two years. He’s also worked at Citigroup for more than five and a half years where he led the company’s investments in global consumer sector. Besides this, he’s had a stint as a marketing manager in Emerson Electric.
Singh is also on the board of several Network18 affiliates like Viacom18 Media Private Limited and Big Tree Entertainment Private Limited (BookMyShow) and was on board of Wespro, one of Network18’s Sourcing Partners until January 2014.
Earlier in the day, HomeShop18 had filed for a $75 million IPO on NASDAQ, via its venture NW18 HSN holding. The company had reported operating revenues of $40.7 million, up 66.4% with a loss after tax of $25.8 million. The adjusted EBITDA loss was $19.2 million while GMV (net of returns) was $166.5 million. More on that and HomeShop18 revenue breakup here.