Bengaluru-based online home interior design startup HomeLane has raised $10 million from Accel Partners, Sequoia Capital and RB Investments in Series-C round of funding. This makes their total funding $64.5 million since their launch in 2014.
A press release has stated that HomeLane will deploy the funds to fuel growth and technology innovation to attract customers and designers alike, strengthening operations in existing markets in the country.
Srikanth Iyer, co-founder and CEO of HomeLane, said in the release, “HomeLane’s strategic focus has always been to simplify and streamline the process of home designing and furnishing for urban Indian home buyers. This strategy’s success, combined with this funding round, has put us in a formidable position to scale up and capture a larger share of the home design market in all key cities of India. Also, having two of India’s largest VC funds supporting us is a shot in the arm for our mission to deliver well-designed homes at scale in the country.”
Founded by Rama Harinath (CMO), Prabhu Venkatesh (COO), Vivek Parashuram (CDO) and Srini Battula (CTO), along with Srikanth, HomeLane counts Aarin Capital and angel investors Meena and K.Ganesh, among its investors.
HomeLane’s value proposition is solving interior design problem with technology and predictable timelines. They offer 45-day delivery or rent guarantee for fit-outs.
In September 2015, HomeLane acquired Doowup, a tech startup that provides hyper-realistic, personalised home decor 'Shop-the-Look' experience. Last month, they acquired online home interiors marketplace Capricoast for Rs 90 crore.
HomeLane claims that it has reached operational profitability and is close to breaking even, and aims to double its revenues by 2018.
Prashanth Prakash, Partner, Accel Partners said, “The market for organised players in the home designing space is opening up in India. HomeLane, with its relentless focus on customer experience, across discovery, designing and timely delivery, is well-positioned to capture a significant share of this market. The company’s relentless focus on unit economics and profitable growth is a competitive advantage and a powerful differentiator.”