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HomeShop18 posts Rs 83.9 Cr loss in FY14; Revenue up 63.4% YoY to Rs 368.2 Cr

TV18 Home Shopping Network (HomeShop18) has reported net revenues of Rs 368.2 crore for the financial year ended March 31, 2014 (FY14), registering a 63.4% increase from Rs 225.4 crore revenues in the previous year. The losses also have improved to Rs 83.9 crore for the year, from Rs 120 crore in the previous year. Network18 however hasn’t provided any split between HomeShop18′s TV and online business. It's worth noting that TV18 Home Shopping Network is a 100% subsidiary of Network18's Cyprus-based subsidiary Network18 HSN Plc (previously TV18 HSN Holdings limited) in which Network18 holds 53.71% stake as of March 31, 2014. The remaining stake is held by SAIF II Mauritius Company Limited, G S Home Shopping Inc, Makira SP5 limited and Orchard Centar Master limited. HomeShop18 IPO: In April this year, Network18 HSN Plc filed for a $75 million IPO on NYSE, making it the fourth Indian Internet firm to list in the US, after Rediff, Sify and MakeMyTrip. The company had noted that it will not receive any proceeds from the sale of ordinary shares by Network18 Holdings Limited and other selling shareholders. Instead, it will receive the rupee equivalent of $42.3 million of the proceeds which Network18 Holdings Limited expects to receive from its sale of ordinary shares in this offering. Following this, HomeShop18 will be using these funds to purchase the equity interest in its Indian subsidiary currently held by Network18 within 45 days of the completion of this offering. HomeShop18 had also noted that it may use a part of…

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