New Delhi, Dec 23, 2019: Interior designing platform HomeLane has raised USD 30 million (about Rs 213 crore) in Series D funding led by new investors Evolvence India Fund, Pidilite Group and FJ Labs.
The funding round also saw participation from Sequoia Capital, Accel Partners and JSW Ventures.
With the current round, the total funding raised by HomeLane stands at USD 46 million. The current round is estimated to value the company at USD 150-250 million.
“We will use the funds for three things for our next phase of growth that will include launching renovation as a category; scaling our proprietary design-to-manufacturing platform to more designers, vendors, and installers; and expanding to 8-10 new cities in India,” HomeLane founder and CEO Srikanth Iyer told Pixr8 News.
He added that part of the funding will also be deployed towards technology to improve experience and efficiency for consumers and design partners.
“This investment is very timely for the company, considering we are closer to EBITDA profitability and will be used for growth, brand, and technology,” he said.
The company plans to ramp up its experience centers from the current 16 to 30 by the end of 2020. It also intends to hire 300-400 people to take its headcount to about 1,400 over the next one year.
Founded in 2014, HomeLane.com has a presence in Bengaluru, Chennai, Hyderabad, Mumbai, NCR, Kolkata and Pune. It is looking at expanding into cities like Coimbatore, Vizag and Jaipur, among others.
India’s home interiors market worth about USD 18 billion has massive untapped potential.
“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 average revenue run rate of Rs 700 crore and are on track to getting to company-wide profitability in early FY21,” he added.
In a BSE filing, Pidilite Industries said its wholly-owned subsidiary, Madhumala Traders has agreed to make an investment of Rs 49 crore in Homevista Decor and Furnishings (HomeLane) by subscribing to series D2 cumulative compulsorily convertible preference shares.
The nature of subscription will be cash, and is being done at a mutually agreed pre-money enterprise valuation that has not been disclosed due to reasons of confidentiality, the filing said.