Morpheus Fund invests $6m in TVC Skyshop

Founded in 2000, the retailer uses multiple platforms such as print media, direct response television, the internet and catalogues to market a range of consumer goods, including books, electronics, apparel and home furnishings. It claims to have more than 5 million customers and distribution partnerships covering 3,500 towns across India. The funding will be used for expansion.

"We have been studying the virtual retailing space closely for some years now - this includes businesses that use either the internet, television or any other media to market and distribute brands directly to the consumer. TVC is the only company of any significant size in this entire sector, including e-commerce that is PAT-positive," said Balu Nayar, managing director of Morpheus Fund.

TVC reported revenues of INR690 million in the last quarter of the 2013 financial year. In 2007 Samara Capital took a 22% stake in the company for $10.17 million.

In April, rival HomeShop18, part of the TV18 media group, received INR815 million from investor OCP Asia, and also won backing from SAIF Partners in 2008.

Morpheus' INR4.2 billion fund has previously invested in Ayurvedic formulations makers IPSA Labs and Shelter Pharma.

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• Topics
• South Asia
• Consumer
• Expansion
• TMT
• India
• Consumer
• Growth capital