Home interiors company HomeLane has raised $30 million as part of its Series D funding. This round of investment has been led by Evolvence India Fund (EIF), Pidilite Group and FJ Labs. These are new investors in the startup. Existing investors, Sequoia Capital, Accel Partners and JSW Ventures also participated in the round. With this, the startup has raised $46 million so far.
HomeLane wants to use these funds to expand its business to take it to its next level. These include adding renovation as a category in its product offerings; adding more designers and vendors to its proprietary platform as well as to expand geographically to more cities in India. There will be a revamping of its virtual 3D design platform by improving the technology. This enables the customers to get a better view of how their property will appear once the interior design gets implemented. HomeLane calls it SpaceCraft.
The promoters claim they are looking at offering their customers home interiors to match world standards and they are looking at cornering a sizeable part of the over $12 billion worth market for interiors in the country. Currently operating from Bangalore, Chennai, Hyderabad, Mumbai, NCR, Kolkata and Pune, HomeLane expects to add another 8 to 10 cities in the next few months.
The startup says it is close to achieving profitability and the present infusion of funds has come at the right time. The company expects to reach a revenue of Rs 700 crore when this financial year 2019-20 closes. HomeLane.com already delivered 6000+ projects since inception with support of 900+ design experts and 16 experience centers.