[Funding alert] HomeLane raises Rs 60 Cr from Stride Ventures, existing investors
Bengaluru’s technology-based home interiors service provider HomeLane has raised Rs 60 crore ($8 million) in a bridge round from new and existing investors. Stride Ventures led the round, participating through debt funding of Rs 20 crore in the company.
Existing investors Accel Partners, Sequoia Capital, Evolvence India and JSW Ventures also participated, infusing another Rs 40 crore in equity.
With this round, HomeLane’s overall fund-raising has crossed Rs 370 crore ($54 million) over the last six years.
Established in 2014, HomeLane said it would deploy the new funds to enter new markets with a greater focus on non-metro expansion while strengthening the brand's presence across existing markets. Part of 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.
Srikanth Iyer, Founder and CEO of HomeLane
Srikanth Iyer, CEO and Founder of HomeLane, said,
“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. 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."
In a media release, HomeLane also stated that it recorded Rs 230.4 crore operating revenues (unaudited) for the year ended March 31, 2020, a growth of 130 percent over its revenues of Rs 99.95 crore during the previous fiscal.
The company is on track to reach EBITDA breakeven by April 2021. Within a short span of six years, the company has established an operational presence across 10 cities with 19 experience centres and 900+ design experts on its tech platform.
“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. 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 unorganised sector,” said Tanuj Choudhry, Chief Business Officer, HomeLane.
(Edited by Teja Lele Desai)