HomeLane raises Rs 60 crore Bridge round from Stride Ventures and existing investors
New Delhi: HomeLane, India’s preferred technology-based home interiors service provider has raised Rs 60 crore (US$ 8 million) in a Bridge round from new and existing investors. Stride Ventures has led this round, participating through debt funding of Rs 20 crore in the company. Existing investors Accel Partners, Sequoia Capital, Evolvence India and JSW Ventures have also participated, infusing another Rs 40 crore in equity. With this round, HomeLane’s overall fund-raising has crossed Rs 370 crores (US$ 54 million) over the last 6 years.
HomeLane recorded Rs 230.4 crore operating revenues (unaudited) for the year ended March 31, 2020, a growth of 130% over its revenues of Rs. 99.95 crore during the previous fiscal. The company is on track to reach EBITDA breakeven by April 2021. Within a short span of six years, the company has established a strong operational presence across 10 cities with 19 experience centres and 900+ design experts on its tech platform.
Srikanth Iyer, CEO & Founder of HomeLane.com said, “Our mission is to make home interiors easy for the world, and this hasn’t changed during the pandemic. Virtual meetings, powered by our 3D design & collaboration platform SpaceCraft, have enabled us to meet customers and deliver superior design experience to them while practising social distancing. We believe that there’s still a sizable gap in the market that HomeLane can address. Our investors have continued to express confidence in our growth potential and vision. I am excited that Stride has also joined us as our investors on this journey.”
Tanuj Choudhry, Chief Business Officer, HomeLane.com said, “In the last 5 months, we’ve focused heavily on delivery predictability and safety. However, we also entered 3 new markets during this period – Visakhapatnam, Mysore and Coimbatore! With this round of funding, we are looking to invest in establishing our brand across existing and new markets, and filling a void that has been created in the large unorganized sector. “
Ishpreet Gandhi, Founder and Managing Partner, Stride Ventures, commenting on the deal, said, “With the online home decor market gaining momentum in recent years, HomeLane’s technology-oriented approach has made interior designing much more approachable. The company’s continued focus on customer experience, cost-effectiveness and product quality have been indispensable for the success of the business. This partnership marks yet another milestone in Stride’s endeavour of supporting India’s startup ecosystem by opening new avenues for formal credit.”
HomeLane will deploy the new funds to enter new markets with a greater focus on non-metro expansion while strengthening the brand’s presence across existing markets. Part of the funds will also be deployed to enhance HomeLane’s technology offering to give consumers a better interior service experience by focusing on its proprietary 3D design platform, Spacecraft.