HomeShop 18, a shopping channel from the Network 18 stable, aims sales of Rs 300 crore in the current fiscal as it expands operations and distribution chain.
"We began operations about 19 months back and this will be the first fiscal for us. We should close this financial year with a topline of Rs 250-300 crore," HomeShop18 CEO Sundeep Malhotra told PTI.
The company will use the funds that it had raised in November this year for expansion.
HomeShop18 had raised $23.5 million (around Rs 109 crore), of which Korea's GS Home Shopping (earlier known as LG Home Shopping and the world's third largest home shopping network) had put in $18.5 million (Rs 86 crore).
Network18 Holdings, a wholly-owned subsidiary of Network18 Media and Investments, had invested another $5 million (Rs 23 crore).
"We are looking at introducing categories like beauty products, apparels, household goods and sportswear and are conducting market study for the same," GS Home Shopping CEO and President Tae Soo Huh said.
The company has a database of 16 lakh buyers.
"We have a database of 1.6 million and 16 per cent of these are repeat buyers. This number should increase to three million by March 2011," Malhotra said.
