HomeLane raises $30MM in Series D funding with new investors
HomeLane, India’s fastest growing home interiors company today announced its Series D funding round of $30MM, led by new investors Evolvence India Fund (EIF), Pidilite Group and FJ Labs, with participation from Sequoia Capital, Accel Partners and JSW Ventures. With the current round, total funding raised by HomeLane stands at $46MM.
HomeLane will use the funds for its next phase of growth, which will include launching renovation as a category; scaling its proprietary design-to-manufacturing platform to more designers, vendors and installers; and expanding to 8-10 new cities in India.
SpaceCraft, HomeLane’s cutting-edge virtual 3D design platform, will continue to see further investment, with the team leveraging AI/ML and Augmented Reality to deliver near-real experience to homeowners.
Commenting on this development Mr. Srikanth Iyer, Founder & CEO, HomeLane, said “This latest round of investment is a testament of our investors’ belief in our vision of making interiors easy. We are also delighted and grateful to have aboard three prominent new investors, who have chosen to partner with us on our growth story.
With this investment, we will accelerate our expansion into newer markets, while further penetrating our current ones. We will also build a world-class offering for the $12BN home renovation market. Our focus on technology to improve both experience and efficiency for our consumers and design partners will continue, with significant investments in people and product.
Mr. Iyer also added, “Pidilite is an undisputed leader in its category and their experience is invaluable as we scale our supply chain and the brand. On the other hand, Evolvence is a leading PE platform with an established track record of backing top performing Indian PE funds and companies, especially within the consumer space. This investment is very timely for the company, considering we are closer to EBITDA profitability, and will be used for growth, brand and technology.”
Mr. Apurva Parekh, Director, Pidilite said, “We have been impressed with the performance of HomeLane in recent years. Backed by its strong tech-stack, HomeLane is emerging as a strong player in the home interiors industry. We are looking forward to supporting and collaborating with the HomeLane team over the coming years.”
Rohit Batra, Partner, Evolvence India said, “HomeLane has been a pioneer in the Home interior design segment and their growth has been extraordinary. We are very impressed with the team and are backing them to become one of the largest home interiors brands in the region. We are confident that with their technology and consumer-first mindset, HomeLane will disrupt the unorganised renovations category as well.
Mr. Tanuj Choudhry, Chief Business Officer, HomeLane, said “India’s home interiors market of USD 18 BN has massive untapped potential. As a brand, we have built products & services that are relevant to the massive middle-market segment, and can transcend geographies. With this round of investment and such an accomplished group of investors, we will double-down on establishing our brand across existing and new markets. We will exit FY20 at an ARR of INR 700Cr and are on track to getting to company-wide profitability in early FY21.”
GV Ravishankar, MD, Sequoia India said “We are very excited about supporting Homelane in its journey to redefine the home interiors market. Sequoia has participated in every round since leading the seed round and that’s a reflection of our confidence in the leadership of Srikanth.”
Prashanth Prakash, Partner, Accel India said “ We are very happy with Homelane’s current growth trajectory and are believers in the long term growth prospects of the home improvement consumer segment in India”
The RainMaker Group acted as the sole financial advisor to the Company.