Online home interiors startup, HomeLane.com today said, it has raised $10 mn from Accel Partners, Sequoia Capital and RB Investments to fuel growth and technology innovation to attract customers and designers alike; strengthening operations in existing markets in the country.
“HomeLane, with its disruptive technology-enabled product has successfully challenged the massive unorganized home furnishing industry and has convincingly grown its business since inception with very high NPS. We believe they have huge growth potential and Sequoia is glad to be an early investor and partner in their journey”, said G V Ravishankar, Managing Director, Sequoia Capital.
Founded by Rama Harinath, Prabhu Venkatesh, Vivek Parashuram and Srini Battula, along with Srikanth, HomeLane.com is a pioneer in the organized online home furnishing market and offers an industry-first 45-day delivery or rent guarantee for fit-outs. HomeLane’s value proposition is solving the interior design problem with technology and predictable timelines.
HomeLane counts Aarin Capital and angel investors Meena and K.Ganesh, among its investors. The company has received total funding of $64.5 million (Including the current series C round) since their launch in 2014.
Srikanth Iyer, co-founder and CEO of HomeLane.com said, “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.”
HomeLane.com recently announced the launch of its operations in Delhi-NCR region. The company has reached operational profitability and is close to breaking even. With over 100 new orders per month, the startup aims to double its revenues by 2018. SpaceCraft, HomeLane’s one-of-its-kind virtual design platform has been a key in powering the company’s growth.
The company has acquired two interiors startup in the last two years. In September 2015, it has acquired Doowup, a tech startup that provides hyper-realistic, personalised home decor ‘Shop-the-Look’ experience. Whereas the last month, they acquired online home interiors marketplace Capricoast for Rs 90 crore.