HomeLane Raises $50 Million in Series E Round
- BY BEx Bureau
- Sep 10, 2021
- 8 Mins Read
HomeLane has raised $50 million in Series E funding round. IIFL AMCs Late-Stage Tech Fund led the round while OIJIF II (Oman India Joint Investment Fund), and Stride Ventures. Existing investors Pidilite, Evolvence, NuVentures, Sequoia, and Accel also participated in this round of fundraising. With the current round of funding, HomeLane has raised more than $104 million in funds over the last 7 years.
The latest round of funding will be used to establish HomeLane as the leading brand in the organised interiors category by accelerating the companys strategic expansion into newer markets and investing further in technology to strengthen its consumer-first approach. Deeper investments in brand-building initiatives are also expected to see a significant boost by the company. The new funding will help the company accelerate its growth, with revenue targets of INR 2,500 crores by FY24.
We are excited to have IIFL AMC, OIJIF II and Stride Ventures on board, and grateful that our existing investors have continued to express confidence in our growth potential and vision. We look forward to consolidating our position as a leading player in the home interiors segment in India with greater reach, better technologies, and a seamless customer experience, Srikanth Iyer and Tanuj Choudhry, Co-Founders, HomeLane said.
It has been a spectacular year for the end-to-end interiors brand despite the challenges of the pandemic.Growing consumer demand for branded interior services, reduction in fixed costs, increase in average order value, and bundling of supplementary services to its flagship home interior offerings helped the company make its business operations agile. Being able to meet customers virtually has also helped the company become resilient to the challenges thrown up by the current pandemic.
HomeLane is at the forefront of digitization of Home Interiors space which has largely been an unorganised play. With their design expertise, technology and efficient process, they have shown a strong ability to provide a predictable and consistent experience to customers. They have been highly capital efficient and have been able to achieve cash profitability, which is a first in the category. The Founders - Srikanth and Tanuj bring in exceptional execution skillsets, making HomeLane well positioned to be a beneficiary of growing momentum in the Home Improvement space, Chetan Naik - Fund Manager, Private Equity at IIFL AMC, said.
The RainMaker Group acted as the sole adviser on the transaction. Other existing marquee investors include JSW Ventures, Growth Story, Aarin Capital, Baring Private Equity Partners, RB Investments BCCL.
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