Network18 raises $ 21 mn for Homeshop18

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{image-network 18_08072008.jpg}New Delhi, Jul 8: Media and entertainment conglomerate Network18 Media and Investment Ltd today said it has raised 21 million dollars in the second stage of equity funding for its home shopping network business.

The company raised 16 million dollars from SAIF Partners, while five million dollars were garnered from Network18 affiliate Capital18 for virtual retail business Homeshop18, company said in a statement. Within a year of its launch, Homeshop18 has achieved an impressive scale with 15,000 products across multiple categories, a logistical reach of over 1,500 cities and a strong customer base, it added.

SAIF Partners, is a leading private equity firm that provides growth capital to companies in Asia.

Founded in 2001, it currently manages over two billion dollars across three funds.

Network18 is one of the country's leading full play media conglomerates with interest in television, print, internet, filmed entertainment, mobile content and allied business.

Through its holding Television Eighteen India Ltd, Network18 operates business news television channels- CNBC-TV18 and CNBC Awaaz.


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