Home interiors service provider HomeLane has raised Rs 60 crore in equity and debt financing from Stride Ventures, Accel Partners, Sequoia Capital, Evolvence India and JSW Ventures.
Stride Ventures led the round with Rs 20 crore in debt funding, taking HomeLane’s overall fundraising to Rs 370 crore over the last six years.
The startup said it will deploy the funds to expand into new markets with a greater focus on non-metro expansion while strengthening the brand’s presence across existing geographies. It plans to use a part of the capital raised to enhance its technology offering.
The startup said its unaudited operating revenues grew 130% on an annual basis to Rs 230.4 crore for the year ended March 31, 2020 and it is on track to reach EBITDA breakeven by April next year.
“Our mission is to make home interiors easy for the world, and this hasn’t changed during the pandemic,” Srikanth Iyer, CEO & Founder of HomeLane, said. “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,” he added.
The company has a presence in 10 cities with 19 experience centres and more than 900 design experts on its platform.
Homelane, which competes with Livspace, connects designers with customers as well as suppliers and at the backend operates a very complex supply chain to maintain delivery timelines. The company takes end-to-end ownership of a housing project right from design to manufacturing to installation.
“With the online home decor market gaining momentum in recent years, HomeLane’s technology-oriented approach has made interior designing much more approachable,” Ishpreet Gandhi, Managing Partner at Stride Ventures, said.