Inc42 Daily Brief
Stay Ahead With Daily News & Analysis on India’s Tech & Startup Economy
Noida-based television home shopping network and online marketplace, Homeshop18’s CEO Sundeep Malhotra has resigned from his post to pursue other entrepreneurial ventures. However, he would still be part of the company for three more months as part of the succession plan. Prior to Homeshop18, he was the Executive Vice President, Sales for PepsiCo India.
Sanjeev Agrawal has replaced Sundeep as new CEO of Homeshop18, effective 4th May, 2015. He comes with over 26 years of experience across FMCG, fashion & retail sector and will be based in Noida.
Agrawal is an alumnus of the IIT, BHU (1982-86) and IIM, Lucknow (1987-89). He has held senior leadership positions at Future Value retail and Pantaloon Retail besides his FMCG stints at Balsara, Revlon, P&G, Godrej and HLL. In his last assignment Sanjeev was Managing Director at Skechers South Asia Private Limited.
Speaking on this move, A P Parigi, Group CEO, Network18 said, “On behalf of the Board of the Homeshop18 and our valued partners SAIF, GS Home Shopping and OCP Asia – I wish to place on record the outstanding contributions made by Sundeep in establishing Homeshop18 as one of the India’s premium brands. I am delighted to welcome Sanjeev Agrawal to the Network18 Group. I wish him every success in his new role.”
India’s leading media group Network18 had launched HomeShop18 television channel in April 2008 and its online marketplace HomeShop18.com in January 2011. It is backed by PE firm SAIF Partners and funds managed by OCP Asia; it also counts South Korea’s GS Home Shopping as a strategic investor.
Its revenues are derived from the commission it gets from the sale of products by its vendors through its platforms. It still generates bulk of its revenues from television shopping business. Now, Reliance Industries Limited (RIL) of Mukesh Ambani owns Homeshop18 through the acquisition of Network18 which happened last year.
Note: We at Inc42 take our ethics very seriously. More information about it can be found here.