Bengaluru based online home interior brand HomeLane.com today announced the acquisition of Capricoast.com for Rs. 90 crores.
The acquisition will help HomeLane.com to offer its customers a smoother and more streamlined home designing experience enabled by technology, the company said in a statement.
HomeLane already has offices in Gurugram and Noida, and is further planning to set up an experience center in Gurugram within the next two months, to offer consumers a first-hand experience for their home designing and furnishing needs.
Speaking on the acquisition, Srikanth Iyer, co-founder and CEO of HomeLane.com said, “This is a coming together of two big players in home design with complementary strengths and expertise. The Capricoast team brings with them a powerful technology back-end that will further strengthen our product offering and go a long way in making HomeLane.com the preferred home décor destination for customers across India. This acquisition also marks the beginning of HomeLane’s next phase of growth and expansion, given that we have already achieved operational profitability.”
“We have already achieved a position of dominance in Bangalore, Hyderabad, Chennai and Mumbai and are now ready to serve homeowners in the NCR” Srikanth added.
On the other hand, Capricoast was founded by serial entrepreneur Jawad Ayaz and a team of professionals who were previously involved with another startup called Zansaar.com. As an online home interiors marketplace, Capricoast helps their users furnish their homes by putting them in touch with brands and craftsmen who are equipped and specialised to do the same. The firm claims to have over 3,000+ registered interior design firms in Bengaluru alone.
In December 2015, Capricoast raised $3.5Mn in Series A round of funding from Accel Partners and RB Investments. Before that, it had raised Seed funding from Accel Partners to the tune of $1.5 Mn.
As the part of the acquisition, the 120-strong team of Capricoast.com will be part of HomeLane.com whereas Jawad Ayaz, founder and CEO of Capricoast will join HomeLane.com’s board of directors.
Jawad Ayaz said, “We believe Capricoast’s strong technology core in customer acquisition and lifecycle management will be a perfect foil to HomeLane.com’s unparalleled strengths in design visualization and project execution. This integration is a win-win for home design customers as well as for HomeLane.com, which cements its position as the online home interiors industry leader with an unbeatable combination of transparency and predictability, backed by technological capabilities.”