Best Deal TV to raise Rs 100 crores funding

Bollywood actor Akshay Kumar and businessman Raj Kundra-promoted home shopping channel Best Deals TV aims to raise Rs 100 crores through second round of funding. The channel, launched in March this year has already raised Rs 30 crores in the first round when the promoters divested 15 percent stake to UY Industries, a Mumbai-based firm with interest in real estate and information technology.

Best Deals TV is a home shopping channel that endorses and sells celebrity-endorsed merchadise. It launched with a range of apparel and accessory products under actor Shilpa Shetty’s brand. The second round of funding will be through equity infusion and PriceWaterhouseCoopers is the auditor in the process. The channel will target both private equity funds and high net worth individuals, which is expected to close in a month or two.

The company would utilise the fresh funds to strengthen back-end of the channel in terms of warehousing and logistics, advertising and marketing and also to launch regional channels. The first regional channel will be launched in Tamil Nadu in association with Tamil superstar Vikram, followed by other south Indian states like Andhra Pradesh.