HomeLane, operated by Homevista Decor and Furnishings Pvt Ltd, announced that the platform has raised Rs 60 crore in a bridge funding round led by Stride Ventures.
Stride Ventures has led the round with a Rs 20 crore debt commitment, HomeLane said in a statement. The remaining Rs 40 crore has come via equity funding from existing investors including Accel, Sequoia Capital, Evolvence India and JSW Ventures.
This round takes the total capital HomeLane has raised since its inception in 2014 to Rs 370 crore (around $54 million), it said.
The startup will use the capital it has raised to enter new markets with a focus on non-metro expansion. Part of the funding will also be used to enhance its technological infrastructure by focussing on Spacecraft, its proprietary 3D design platform.
“We believe that there’s still a sizeable gap in the market that HomeLane can address. Our investors have continued to express confidence in our growth potential and vision,” Srikanth Iyer said.
Stride Ventures founder and managing partner Ishpreet Gandhi said the venture debt firm was confident of its investment in HomeLane because of its focus on customer experience, product quality and cost-effectiveness.
In 2019, HomeLane had raised $30 million in a Series D funding round led by Evolvence India, Fevicol adhesive maker Pidilite Group and FJ Labs. Accel, Sequoia and JSW Ventures also took part in the round.
–AN
