HomeLane is a Bengaluru-based platform that offers interior home designs online (1). Earlier in August, there were reports that HomeLane is all set to raise a new tranche. Recently the company has received 60 crore INR funding in a bridge round. Stride Ventures led the financing round and its existing investors like Accel Partners, Sequoia Capital, Evolvence India, and JSW Ventures. These organizations have provided funding in the form of debt and equity.
In the latest round of fundings, the company received 20 crores in debt from Stride Ventures. Whereas, Sequoia Evolvence, JSW, and Accel gave 40 crores in equity capital.
Shrikanth Iyer, CEO, and Co-founder founded the HomeLane back in 2014. The company will utilize the latest reserves to enter a new market while focusing on non-metro expansion. The Bengaluru-based startup aims to strengthen its presence in the existing markets, as per the entity’s press statement. Earlier in December 2019, the online home interior startup had secured 30 million USD in its series D round of funding. To date, the firm has raised over 370 crore INR risk capital, including the latest infusions.
HomeLane to Reach More Customers in Upcoming Years
The startup helps property owners furnish their houses and apartments while also installing new fixtures. HomeLane is currently operational in 10 cities across India. The startup claims that it has completed over 3,000 projects for over 9,000 customers.
The company has 19 experience centers that have over 900 designers so far. HomeLane is directly in competition with Livespace, Flipspaces, UrbanLadder, and Pepperfry. Earlier this year, Livespace had raised 60 million USD in its fund rounding. Whereas, Flipspaces conducted its last funding round in January 2019.
HomeLane has not filed its annual financial statement for the current fiscal year. However, the firm claims that it has 230.4 core INR’s operational revenue in the previous year. The Bengaluru-based entity is also on track to reach EBITDA breakeven by April 2021.