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Thu, 9 Sep 2021 | Economic Times
HomeLane raises $50 million from IIFL AMC fund, others

HomeLane raises $50 million from IIFL AMC fund, others

HomeLane, a home interior solutions platform, has raised $50 million in a Series E funding round led by IIFL AMC’s Late Stage Tech Fund, Oman India Joint Investment Fund and Stride Ventures. Existing investors Pidilite, Evolvence, NuVentures, Sequoia and Accel also participated in the fundraising.

The company has now raised a total of more than $104 million in the last seven years.

The fresh capital will help HomeLane accelerate its growth and achieve its revenue target of Rs 2,500 crore by FY24, the company said in a statement Thursday. The funds will also be used for strengthening its leadership position in the organised home-furnishing market by expanding into newer markets and investing in technology and brand-building.

The company has now raised a total of more than $104 million in the last seven years.

The fresh capital will help HomeLane accelerate its growth and achieve its revenue target of Rs 2,500 crore by FY24, the company said in a statement Thursday. The funds will also be used for strengthening its leadership position in the organised home-furnishing market by expanding into newer markets and investing in technology and brand-building.

“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,” cofounders Srikanth Iyer and Tanuj Choudhry said.

Founded in 2014 by Iyer and Choudhry, HomeLane provides end-to-end personalised home interior solutions. The company has served over 20,000 customers through 29 experience centres in 18 cities of India. HomeLane says that it achieved cash profitability in November 2020, the only startup in the home-interior segment to achieve the feat.

“HomeLane has been highly capital efficient and has been able to achieve cash profitability which is a first in the category,” said Chetan Naik, fund manager (private equity) at IIFL AMC. “The founders bring in exceptional execution skill sets, making HomeLane well positioned to be a beneficiary of growing momentum in the home Improvement space.”