Sequoia-backed Interiors Firm HomeLane Raises INR 60 Cr Funding
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HomeLane, a tech-enabled home interiors company, has raised INR 60 cr (USD 8 million) in a Bridge funding round led by Stride Ventures.
While Stride Ventures pumped INR 20 cr in debt financing, existing investors Accel Partners, Sequoia Capital, Evolvence India and JSW Ventures also participated in the round, infusing another INR 40 crore in equity.
Founded in 2014 by Srikanth Iyer, Vivek Parasuram and Rama Harinath, HomeLane provides end-to-end home interior designing solutions. Its design modules include modular kitchen, TV and entertainment cabinets and wardrobe designs for bedrooms. The startup also sells select furniture on its website.
The Bengaluru-based startup claims to have operational presence across 10 cities with 19 experience centres and over 900 design experts on its tech platform.
“Our mission is to make home interiors easy for the world, and this hasn’t changed during the pandemic. Virtual meetings, powered by our 3D design and collaboration platform SpaceCraft, have enabled us to meet customers and deliver superior design experience to them while practising social distancing,” said CEO and founder Iyer.
“We believe that there's still a sizable gap in the market that HomeLane can address. Our investors have continued to express confidence in our growth potential and vision. I am excited that Stride has also joined us as our investors on this journey."
With the fresh funds, the company aims to expand into new markets with a greater focus on non-metro cities while strengthening the brand's presence across existing markets. The funds will also be deployed to enhance HomeLane’s technology offering to give consumers a better interior service experience by focusing on its proprietary 3D design platform, Spacecraft, the company said in a statement.
“In the last five months, we’ve focused heavily on delivery predictability and safety. However, we also entered three new markets during this period—Visakhapatnam, Mysore and Coimbatore,” said Tanuj Choudhry, Chief Business Officer, HomeLane.com.
“With this round of funding, we are looking to invest in establishing our brand across existing and new markets, and filling a void that has been created in the large unorganized sector. “
HomeLane recorded 130 per cent growth in revenue in FY2019-20 from the fiscal before that. The company said it’s on track to reach EBITDA breakeven by April 2021.
Commenting on the deal, Ishpreet Gandhi, founder and managing partner, Stride Ventures, said “With the online home decor market gaining momentum in recent years, HomeLane's technology-oriented approach has made interior designing much more approachable. The company's continued focus on customer experience, cost-effectiveness and product quality have been indispensable for the success of the business. This partnership marks yet another milestone in Stride’s endeavour of supporting India’s startup ecosystem by opening new avenues for formal credit."