Morpheus Fund, a PE fund led by former IMG India head Balu Nayar, has made an investment of Rs 42 crore for acquiring 8% stake in TVC Skyshop, valuing the company at Rs 500 crore.
TVC Skyshop is India’s leading multi-channel direct to consumer virtual retailer deploying multiple platforms like print media, direct response television, internet and catalogue.
Vinod Agarwal, Chairman & MD, TVC Skyshop, said, 'Morpheus and TVC both believe in the value of creating brands. Balu, with his rich experience across companies like IMG, Yahoo and Hutch, will be of immense value for TVC in its next phase of growth.'
Founded in 2000 by Vinod Agarwal and funded by Samara Capital, TVC has a platform with more than 5 million customers. TVC has over 600 exclusive distribution partners with a pan-India home delivery covering 3,500 towns. In the previous closed quarter (Q4 FY 2013), TVC Skyshop reported revenues of Rs 69 crore a quarterly growth of 80 per cent over the previous year, said the statement.
