Shopping Network BestDeal TV to raise Rs 100 crore

Shopping Network BestDeal TV, promoted by businessman Raj Kundra and Bollywood actor Akshay Kumar, today said it is planning to raise Rs 100 crore in a first strategic round of funding (Series A) to scale up business.
"We intend to go for a Series A funding round, as we are gaining traction and getting fully operational. The growth capital will go to increase our delivery logistics footprint, carriage and distribution in India along with marketing and promotional activities," the company said in a statement.
The firm had got initial seed capital from its promoters, which was followed by two rounds of angel funding by high networth individuals (HNIs).

Besides, Satyen Saraswat has been appointed as the Chief Financial Officer (CFO), the statement added.
Prior to joining BestDeal TV, Saraswat was the CFO of Indian Premier League team Rajasthan Royals.