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| Image Credit: Homelane |
In a Series, E fundraising round headed by IIFL AMC's Late Stage Tech Fund, Oman India Joint Investment Fund, and Stride Ventures, HomeLane, a home interior solutions marketplace, raised $50 million. Pidilite, Evolvence, NuVentures, Sequoia, and Accel were among the existing investors in the round.
In the last seven years, the company has raised a total of more than $104 million.
HomeLane said in a statement on Thursday that the new capital will enable it to accelerate its expansion and meet its revenue target of Rs 2,500 crore by FY24. The money will also be utilised to help the company maintain its leadership position in the organised home furnishings market by expanding into new areas and investing in technology and brand development.
“With larger reach, superior technologies, and a smoother customer experience, we look forward to strengthening our position as a major player in the home interiors category in India,” stated cofounders Srikanth Iyer and Tanuj Choudhry.
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HomeLane, which Iyer and Choudhry founded in 2014, offers end-to-end bespoke home décor solutions. Through 29 experience centres in 18 Indian locations, the organisation has served over 20,000 consumers. HomeLane claims to be the first startup in the home-interior market to achieve cash profitability in November 2020.
Chetan Naik, fund manager (private equity) at IIFL AMC, said, "HomeLane has been incredibly capital efficient and has been able to reach cash profitability, which is a first in the sector." “HomeLane is well-positioned to benefit from expanding momentum in the home improvement industry, thanks to the founders' strong execution skill sets.”
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