HomeShop18 aims to double business this fiscal

Company provides shopping services on Internet, TV and mobile

Electronic retailing firm HomeShop18, a Network18 group venture, is expecting around 100 per cent growth in its business during this financial year.

The company, which provides shopping services on Internet, TV and via mobile, said it sold product worth Rs 522.4 crore and reported revenue of around Rs 89 crore in 2011-12.

"We expect to sell products of around Rs 1,000 crore of various brands spread across multiple categories during this financial year," HomeShop18 CEO Sundeep Malhotra told PTI.

The company is bullish on growth in the e-commerce business and expects to sell products worth Rs 450 crore through its web portal this fiscal.

"We have launched an online book store with more than 10 million titles. This alone is expected to contribute Rs 80 crore in sales from HomeShop18.Com during this fiscal. As we speak, we are selling an average 3 books per minute," he said.

Malhotra said that Homsehop18.Com is selling an average of 4,500 books and expects to see jump in this business to around 10,000-12,000 books a day.

"We are also expanding our reach this year from delivery in 3,000 towns to 5,000 towns during this fiscal," he said.

Malhotra added that the company is looking to enhance technical capacities and experience of its web portal and may acquire a company if required.