Mumbai : Best Deal TV, a television shopping venture launched by Bollywood’s celeb duo Raj Kundra-Shilpa Shetty with actor Akshay Kumar six months ago, is looking to raise Rs 100 crore from both strategic and private equity investors.
According to CFO Hemant Vastani, Best Deal TV plans to sell “just a 10 per cent stake” for the amount, pegging the valuation at Rs 1,000 crore. The company has mandated PwC for the fundraising process.
Best Deal TV, which went live in March selling products branded and endorsed by celebrities, said it has raised Rs 32 crore from Mumbaibased UY Industries, which has interests in real estate and IT.
The startup has entered the home-shopping segment which has several players including HomeShop18, Star CJ, Naaptol and TVC Skyshop. Etailer Snapdeal also announced an entry into the segment earlier this year, forming a joint venture with cable distribution firm DEN Networks.
But the channel is hoping that its tie-up with celebs will differentiate it as it targets sales of about Rs 450 crore in in 2015-16, translating into commission revenues of nearly Rs 150 crore.
