Home Interior Startup HomeLane Raises Rs 75 Cr In Bridge Funding Round
Homevista Decor and Furnishings Pvt Ltd, which operates the interior design platform HomeLane, has raised Rs 75 crore ($9.1 million) in a bridge funding round from its existing backers.
The firm, however, didn’t share the name of the investors as well as the valuation at which it raised the capital.
As per the firm, the freshly raised funds will help accelerate its growth trajectory and support its expansion plans, adding that the round reiterates the confidence of its investors in the company.
The raised funds will also help the company improve its financial position to pursue growth opportunities in the 22 cities it has a presence across India. With this funding, the firm is also looking to scale up its recently launched affordable segment brand, Doowup.
HomeLane | Personalized Home Interior Services
Founded by Srikanth Iyer and Tanuj Choudhry, HomeLane provides end-to-end tech-enabled personalized home interior services.
The interior design platform is present in 22 cities and has an employee base of around 1850, of which 600 are interior designers.
Speaking about the development, Srikanth Iyer and Tanuj Choudhry, Co-founders of HomeLane, in a joint statement said,
“This bridge round represents an important milestone for HomeLane, providing us with the resources to further scale the delivery of exceptional home interior solutions to our customers.”
As per the startup, it delivered services to 9,500 homes last year and handles 25 to 30 homes on a daily basis.
Recently, the firm launched its affordable segment brand Doowup which offers a range of interior products curated by expert designers, manufactured using automated machinery to provide customers with personalized interiors at budget-friendly prices, said the company.
The firm stated that it has been growing at around 50% year-on-year for the past few years and claims it is on track to achieve profitability in the ongoing financial year. It claims that, in FY23, its revenue grew 34% over the previous financial year to about Rs 580 crore.
Backed by Pidilite, Evolvence, NuVentures, Peak XV Partners and Accel, HomeLane had raised over $100 million across multiple funding rounds prior to raising this bridge funding round.
Peak XV is the new name of Sequoia Capital India and Southeast Asia. The rebranding of the investment firm came after it split its global business into three covering: America and Europe, China and India, and Southeast Asia.
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