Bangalore based online furniture and home furnishing startup HomeLane has recently acquired modular home furniture marketplace Capricoast for $13.8 million.
This acquisition will grant HomeLane to leverage tech stack of Capricoast to provide customers a more streamlined and better home designing experience. As part of the acquisition deal, the entire team of Capricoast comprising of 120 members will become part of HomeLane while its founder and CEO Jawad Ayaz will be joining the board of directors.
Talking about the move, HomeLane co-founder and CEO Srikanth Iyer said, “This is a coming together of two big players in home design with complementary strengths and expertise. The Capricoast team brings with them a powerful technology back-end that will further strengthen our product offering and go a long way in making HomeLane the preferred home décor destination for customers across India. This acquisition also marks the beginning of HomeLane’s next phase of growth and expansion, given that we have already achieved operational profitability.”
3 years old startup Capricoast is run by Capricoast Home Solutions Pvt Ltd by Ayaz who is also co-founder of a furniture e-tailer Zansaar. Although it already has offices in Gurugram and Noida, HomeLane has announced its entry in Delhi NCR.
“We have already achieved a position of dominance in Bengaluru, Hyderabad, Chennai and Mumbai and are now ready to serve homeowners in the NCR,” Srikanth Iyer added.
Capricoast connects customers with manufacturers and suppliers of kitchen solutions and wardrobes. It provides modular kitchen designs along with online tools to customise and order them.
The company had earlier raised $3.5 million in a Series A round from its existing investors Accel Partners India and Singapore based VC firm RB Investments in December of 2015.
HomeLane offers a virtual design platform and a real-time integrated pricing engine. The startup allows homebuyers to select from hundreds of kitchen, wardrobe or wall unit combinations with different layouts, designs, colours and finishes.