Home interior startup HomeLane raises Rs 75 Cr in bridge round
The funding is expected to help accelerate HomeLane's growth trajectory and support its expansion plans.
, a home interior solutions startup, has closed a bridge round of Rs 75 crore from its current investors.
The Bengaluru-based startup has so far raised $115 million in total, including primary and secondary funds. It had last raised its Series E round of $50 million (Rs 371 crore) in September 2021
The latest funding will help accelerate HomeLane's growth trajectory and support its expansion plans, Tanuj Choudhary, Co-founder and COO, HomeLane, told YourStory.
"This round will provide enough cushion for us to make sure that we get past profitability and continue growing. About half our total investors participated in this round and this gives us pretty much infinite runway," said Choudhary.
The company said it has been growing at around 50% year-on-year for the past few years and is very close to profitability. In FY23, its revenue grew 34% over the previous financial year to about Rs 580 crore.
The funding will also enable the scale-up of HomeLane's recently launched affordable segment brand Doowup. The brand has a range of interior products curated by expert designers, manufactured using automated machinery, to provide customers with personalised interiors at budget-friendly prices, said the company.
"We've always been focused on the middle-class segment and we continue to be focused on that," said Srikanth Iyer, Co-founder and CEO, HomeLane.
"We want to be one of the first and probably only company to be profitable in the home interior domain, and we are pretty much there. I think this bridge round is also a vindication of that happening," he added.
Founded in 2015, HomeLane strives to provide end-to-end tech-enabled personalised home interior services. It is present in 22 cities and has an employee base of 1850, of which 600 are interior designers.
The startup says it delivered services to 9,500 homes last year and handles 25 to 30 homes on a daily basis.
Edited by Swetha Kannan