Bengaluru based home decor platform, HomeLane owned by Homevista Decor and Furnishings Pvt Ltd, has today raised INR 60 crore (around $8.16 million) in a bridge round led by Stride Ventures, committing INR 20 crore. The remaining INR 40 crore was constituted by HomeLane’s existing investors Accels, Sequoia Capital, Evolvence India and JSW Ventures.
The company will deploy the fresh funds towards to tap into new markets, particularly, non-metro cities. A part of the capital will also be utilised to enhance the company’s technological infrastructure by focussing on Spacecraft, the company’s proprietary 3D design platform.
Launched by Srikanth Iyer in 2014, HomeLane provides end-to-end interior services by utilising technology and tech-assisted designers. Since its inception, HomeLanes has raised a total of INR 370 crores (around $54 million) including the fresh funding round.
Commenting on the investment round for HomeLane, Srikanth Iyer, the CEO & Co-founder of HomeLane in a statemen tsaid,
“We believe that there’s still a sizeable gap in the market that HomeLane can address. Our investors have continued to express confidence in our growth potential and vision,”
HomeLane claims to have a recorded unaudited operating revenue of INR 230.4 crore (around $31.35 million) in the FY2020 – aiming to achieve break-even on an EBITDA (earnings before interest, taxes, depreciation and amortisation) basis by April next year. The company has presence across 10 cities and holds 19 experience centres with over 900 design experts on its platform.
In December last year, HomeLane raised $30 million (around INR 214 crore) in a Series D funding round led by Evolvence India, Fevicol adhesive maker Pidilite Group and FJ Labs. Accel, Sequoia and JSW Ventures also took part in the round. HomeLane had secured INR 64 crore from venture capital firms Accel, Sequoia Capital and RB Investments in December 2017 in a Series C funding round. And before that, the company raised a Series B funding in 2016 and Series A round led by Sequoia Capital and Aarin Capital in 2015.