HomeLane secures Rs 33 Cr funding from JSW Ventures, Accel Partners and Sequoia Capital
The company said it will use the funds to boost technology and brand strengthening as well as for expansion of HomeLane experience centres.Apurva P
Interior design startup HomeLane has raised Rs 33 crore from JSW Ventures, Accel Partners and Sequoia Capital. The funds will be used to boost technology and brand strengthening as well as for expansion of HomeLane experience centres in existing and new markets, said a release.
Srikanth Iyer, Co-founder and CEO of HomeLane.com said,
“HomeLane’s strategic focus has always been to provide a seamless home designing and furnishing experience to urban Indian home buyers. Our success in existing markets has given us the confidence to deepen our presence in these cities and venture into new ones too. We will also be leveraging a part of this for brand strengthening and to boost our technology platform, which has aided our customers and designers immensely.”
Founded by Rama Harinath (CMO), Prabhu Venkatesh (COO), Vivek Parashuram (CDO) and Srini Battula (CTO), along with Srikanth, HomeLane is an online provider of home fit-out solutions. It offers personalised house design service to its customers through its panel of interior designers.
With around nine experience centres and over 500 designers across Bengaluru, Chennai, Hyderabad, Mumbai and Delhi-NCR, HomeLane plans to double the number of experience centers across India by the end of 2019. The company is looking to exit FY 2018-19 at ARR of about Rs 400 crore, said the release.
“We are excited about HomeLane's relentless focus on customer experience in the complex immovable furniture market. The team leverages technology in helping customers discover and design cost-effective and immovable furniture, providing them a guaranteed 45-day delivery,” said Gaurav Sachdeva, Managing Partner, JSW Ventures.
The online home decor market in India has gained momentum in the recent years, with startups like Urban Ladder, LivSpace, Pepperfry and FabFurnish operating in the space.
Last year, HomeLane raised $3.5 million from Brand Capital. In 2017, it acquired CapriCoast, a Bengaluru-based furniture selling startup for Rs 90 crore.