04 December 2017, India:
Bangalore based online home interiors brand HomeLane raised $10 million in Series C funding from Accel Partners, Sequoia Capital and RB Investments.
The capital raised will be deployed to fuel growth and technology innovation to attract customers and designers alike, strengthening operations in existing markets in the country.
G V Ravishankar, MD, Sequoia Capital said, “We are seeing tremendous demand for cost-effective and time-saving home design and furnishing solutions. 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.”
Prashanth Prakash, Partner, Accel Partners said, “Homeowners in India not only have a growing appetite for stylish interiors, they are also looking for affordable and hassle-free home furnishing experience. As a result, the market for organized players in the home designing space is opening up in India. HomeLane, with its focus on customer experience, across discovery, designing and timely delivery, is well positioned to capture a significant share of this market. We are glad to partner with them and look forward to scripting a big success story together.”
HomeLane co-founder and CEO Srikanth Iyer 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 was founded in August 2014 by Rama Harinath and Srikanth Iyer. It offers home interiors consultancy and customised solutions. Currently, it provides its services in Delhi-NCR, Bengaluru, Mumbai, Hyderabad and Chennai. The company is operated by Homevista Decor and Furnishing Pvt. Ltd.
Last month, HomeLane acquired Capricoast for ₹90 crore. With over 100 new orders per month, the company aims to double its revenues by 2018.