Interior design brand HomeLane raises USD 50 million in Series E funding led by IIFL AMC
Bengaluru-based home interior design brand HomeLane raised $50 million on Thursday as part of its Series E financing, led by IIFL AMC’s late-stage technology fund, Oman India Joint Investment Fund and Stride Ventures. Existing investors like Pidilite, NuVentures, Accel, Evolvence and Sequoia Capital also participated in the round.
The fresh funds will be used to boost the company’s planned expansion into newer markets and for investing further in technology to build up its consumer-first approach.
“We are excited to have IIFL AMC, OIJIF 2 and Stride Ventures on board, and grateful that our existing investors have continued to express confidence in our growth potential and vision. We look forward to consolidating our position as a leading player in the home interiors segment in India with greater reach, better technologies and a seamless customer experience,” said Srikanth Iyer, co-founder, HomeLane.
With the current fundraising, HomeLane has raised more than $104 million in funds over the last seven years. The company is eyeing a revenue target of ₹2500 crore by the financial year 2023-24.
“HomeLane is at the forefront of digitization of home interiors space which has largely been an unorganised play. With HomeLane’s design expertise, technology and efficient process, they have shown a strong ability to provide a predictable and consistent experience to customers. HomeLane has been highly capital efficient and has been able to achieve cash profitability which is a first in the category,” said Chetan Naik, fund manager, private equity at IIFL AMC.
HomeLane was founded by Srikanth Iyer and Tanuj Choudhry in Bangalore in 2014. It offers personalized interior decoration from start to finish and has served more than 20,000 clients so far.
“As homes continue to be the centre of everything, there has been an increased momentum in the home interiors category. Backing HomeLane is our vote of confidence in their technological innovation leading to rapid scale, customer-centric approach to solving problems and most importantly the strong team led by Srikanth & Tanuj,” said Srinath S, chief executive officer, OIJIF AMC.
Previously, HomeLane had received $8 million in bridge financing from Stride Ventures. It currently serves 18 cities and has 29 experience centers. Other existing HomeLane investors include Aarin Capital, Growth Story, Baring Private Equity Partners, RB Investments and BCCL.
The fresh funds will be used to boost the company’s planned expansion into newer markets and for investing further in technology to build up its consumer-first approach.
“We are excited to have IIFL AMC, OIJIF 2 and Stride Ventures on board, and grateful that our existing investors have continued to express confidence in our growth potential and vision. We look forward to consolidating our position as a leading player in the home interiors segment in India with greater reach, better technologies and a seamless customer experience,” said Srikanth Iyer, co-founder, HomeLane.
With the current fundraising, HomeLane has raised more than $104 million in funds over the last seven years. The company is eyeing a revenue target of ₹2500 crore by the financial year 2023-24.
“HomeLane is at the forefront of digitization of home interiors space which has largely been an unorganised play. With HomeLane’s design expertise, technology and efficient process, they have shown a strong ability to provide a predictable and consistent experience to customers. HomeLane has been highly capital efficient and has been able to achieve cash profitability which is a first in the category,” said Chetan Naik, fund manager, private equity at IIFL AMC.
HomeLane was founded by Srikanth Iyer and Tanuj Choudhry in Bangalore in 2014. It offers personalized interior decoration from start to finish and has served more than 20,000 clients so far.
“As homes continue to be the centre of everything, there has been an increased momentum in the home interiors category. Backing HomeLane is our vote of confidence in their technological innovation leading to rapid scale, customer-centric approach to solving problems and most importantly the strong team led by Srikanth & Tanuj,” said Srinath S, chief executive officer, OIJIF AMC.
Previously, HomeLane had received $8 million in bridge financing from Stride Ventures. It currently serves 18 cities and has 29 experience centers. Other existing HomeLane investors include Aarin Capital, Growth Story, Baring Private Equity Partners, RB Investments and BCCL.
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