[Funding alert] HomeLane raises Series D funding of $30 M from Evolvence India Fund, Pidilite Group
HomeLane said it will use the funds for its next phase of growth, which will include launching renovation, scaling its proprietary design-to-manufacturing platform, and expanding to new cities in India.
Interior design startup HomeLane has raised Series D funding of $30 million, led by new investors Evolvence India Fund (EIF), Pidilite Group, and FJ Labs, with participation from Sequoia Capital, Accel Partners, and JSW Ventures. With the current round, the total funding raised by HomeLane stands at $46 million.
HomeLane said it will use the funds for its next phase of growth, which will include launching renovation as a category, scaling its proprietary design-to-manufacturing platform to more designers, vendors, and installers, and expanding to 8-10 new cities in India.
SpaceCraft, HomeLane’s virtual 3D design platform, will continue to see further investment, with the team leveraging AI/ML and augmented reality to deliver near-real experience to homeowners, the company added in a statement.
Srikanth Iyer, Founder and CEO, HomeLane, said,
“With this investment, we will accelerate our expansion into newer markets, while further penetrating our current ones. We will also build a world-class offering for the $12 billion home renovation market. Our focus on technology to improve both experience and efficiency for our consumers and design partners will continue, with significant investments in people and product.”
He added that Pidilite is an undisputed leader in its category and their experience is invaluable as HomeLane scale its supply chain and the brand.
"On the other hand, Evolvence is a leading PE platform with an established track record of backing top performing Indian PE funds and companies, especially within the consumer space. This investment is very timely for the company, considering we are closer to EBITDA profitability, and it will be used for growth, brand, and technology," said Srikanth.
Founded in 2014 by Srikanth, Rama Harinath (CMO), Prabhu Venkatesh (COO), Vivek Parashuram (CDO), and Srini Battula (CTO), 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 16 experience centres and over 500 designers across seven cities including Bengaluru, Chennai, Hyderabad, Mumbai, and Delhi-NCR, HomeLane plans to become profitable by 2021.
Tanuj Choudhry, Chief Business Officer, HomeLane, pointed out that India’s home interiors market of $18 billion has massive untapped potential.
"As a brand, we have built products and services that are relevant to the massive middle-market segment, and can transcend geographies. With this round of investment and such an accomplished group of investors, we will doubledown on establishing our brand across existing and new markets. We will exit FY20 at an ARR of Rs 700 crore and are on track to getting to company-wide profitability in early-FY21,” he added.
(Edited by Athirupa Geetha Manichandar)