MUMBAI: HomeShop18, India?s leading home shopping and ecommerce business, has raised $30 million in fresh round of funding from hedge fund manager, OCP Asia and promoter company Network18 Media & Investments.

Network18 and OCP Asia have entered into an agreement to invest $15 million each in the company. The transaction values HomeShop18 at $330 million.

Network18 will continue to be the majority shareholder with more than 51 per cent in HomeShop18. TV18 Home Shopping Network operates as a subsidiary of Network18. Existing investors in HomeShop18 include Saif Partners and GS Home Shopping.

Commenting on the transaction, Network18 MD Raghav Bahl said, ?HomeShop18 has rapidly grown into one of India?s leading virtual commerce destinations. It is gratifying to see the value built up in the business over the relatively short period since the company was founded. We welcome OCP Asia as they join SAIF Partners, GS Shop and us in building out the business.?

Network18 Group CEO Sai Kumar added that, ?We believe HomeShop18 is well positioned to take advantage of the impending digital boom in both the TV and internet segments. In addition, it is encouraging to see that the ecommerce sector is now focusing on profitable growth as the customer acceptance of the proposition grows.?

HomeShop18 provides an integrated virtual shopping experience on Internet, Television and Mobile through HomeShop18.com and the 24x7 channel. It claims to have a customer base of 6.1 million. It has built an impressive portfolio of over 12 million SKUs across multiple product categories and a logistical reach of over 3,000 locations across India.