Interior design platform HomeLane has raised USD 30 million in a Series D funding round, led by Evolvence India Fund, NSE-listed Pidilite Industries Ltd and New York-based investment firm FJ Labs.
Existing investors including Sequoia Capital, Accel Partners and JSW Ventures have also participated in the round.
The fresh capital will be used for its next phase of growth, scaling the proprietary design-to-manufacturing platform to more designers, vendors and installers, add renovation as a new category and expand its footprint across the country.
"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 USD 12 billion home renovation market. This investment is very timely for the company, considering we are closer to EBITDA profitability, and will be used for growth, brand and technology,” Srikanth Iyer, chief executive of HomeLane, said.
The RainMaker Group was the financial advisor to the company for the latest transaction.
Tanuj Choudhry, chief business officer, HomeLane, said in a statement that HomeLane would exit FY20 "at an ARR of INR 700Cr and that the start-up is on track to getting to company-wide profitability in early FY21."
HomeLane has presence in seven cities including Chennai, Bengaluru, National Capital Region, Hyderabad, Mumbai, Kolkata and Pune.
“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,” Rohit Batra, partner at Evolvence, said.
HomeLane claims to have delivered over 6,000 projects so far.
Founded by Srikanth Iyer, Rama Harinath, HomeLane’s copmpetes with the likes of Livspace and Flipspaces along with UrbanLadder and Pepperfry.
HomeLane has 16 experience centers which offer customers a choice to browse through its catalog using virtual 3D designs.