Jaipur-based Jewel Alliance Network Pvt Ltd, which runs jewellery shopping channel Gemporia TV, is planning to raise about Rs. 100 crore from private equity firms in exchange for a minority stake in the channel. The company would use the funds to increase its presence and other marketing initiatives.

The TV channel for live jewellery retail, which started operations in India in September 2015, is planning to initiate talks with a clutch of PE firms, starting next week. Jewel Alliance Network is a 50:50 joint venture between UK’s Gemporia and India’s Pink City Jewellers.

“Now that we have proven our business model, we are looking to reach out to people who are funding e-commerce ventures. The fund raising would take place anywhere between the next one month to six months, which is the typical time needed for these kinds of fund raising,” Manuj Goyal, co-founder at Jewel Alliance Network. “We intend to offload a minority stake. We are not looking strategic partners,” he said.

However, a decision of the quantum of stake to be sold is yet to be taken, he said, adding, “it will depend on the type of the deal”. With 18 hours of live telecast to more than 50 million homes in India, Gemporia earns about Rs. 10-15 lakh per day in revenues and 400-500 shipments per day in India. From September till March 31, it earned Rs.13 crore in revenues.

Following the fund-raising, Gemporia is looking at a turnover of Rs. 100 crore by the end of the year, which it expects to rise to Rs. 300 crore in next fiscal.

“In the UK, Gemporia does at least 14,000 shipments a day. Our target is to replicate that success in India as the market size in that country is much smaller than in India,” he said, for which the company intends to increase its distribution presence. “TV e-commerce is still in its infancy in India, but this is likely to be big business in the coming years,” Goyal added. The channel is now aired by on TataSky, Videocon D2H and Dish TV, web and mobile apps.