Real estate firm Skyblue Buildwell has acquired a majority 82.64 percent stake in HomeShop18, thereby paving the exit of its parent firm Network18 Media & Investments of Reliance Industries, according to an announcement.
A commerce platform with a presence on multiple mediums, HomeShop18 launched India’s first 24-hour home shopping channel in 2008. The company sells products across segments, including electronic items, clothing and jewellery.
With the acquisition, Skyblue will now become the holding company of TV18 Home Shopping Network. It is understood that the company has kickstarted the initiative to change its corporate and brand name.
Prior to the current transaction, its shareholders included SAIF Partners, GS Home Shopping South Korea, OCP Asia, CJO Shopping and Providence Equity Partners apart from Network18 Media & Investments. None of them took part in the latest investment round.
“Accordingly, the company (HomeShop18) is in the process of changing its corporate as well as its brand name,” Network18 added.
In 2017, the platform said it was merging with ShopCJ Network Pvt. Ltd., a joint venture between private equity investor Providence Equity Partners and Korean firm CJO Shopping.
The merger was effected by way of a share swap, with Shop CJ Network getting a 25% stake, resulting in HomeShop18 no longer being an immediate subsidiary of Network18 Media and Investments.