Bengaluru-based home interior startup HomeLane has announced that it has raised $50 million in the Series E funding round led by OIJIF II (Oman India Joint Investment Fund), Stride Ventures and IIFL AMC’s Late Stage Tech Fund. Existing investors Pidilite, NuVentures, Evolvence, Accel and Sequoia also participated in the funding round.
Srikanth Iyer, Co-founder and CEO at HomeLane, told to YourStory, “Now that we are present in 18 cities and plan to move to about 25 cities. We need to increase the trust in the HomeLane brand so we are going to use a part of the funds for brand building. We are a tech interior design platform so we intend to spend the money on the tech itself. We have some great products; for example, a virtual design platform called SpaceCraft. We are also going to spend a part of the funds on tech in new areas such as augmented reality which will make the process more convenient for the customer. The third area is primarily growth. We have been operationally cash flow positive since November 2020.”
“Our goal is to become the go-to player for home interiors in the country. We want to serve at least eight to 10 percent of the market in the next four to five years. We are also aimed at taking the company public in the next few years,” added Tanuj Choudhary, Co-founder and COO of HomeLane.
Srinath Srinivasan, CEO – Oman India Joint Investment Fund said, “As homes continue to be the centre of everything, there has been an increased momentum in the home interiors category. Backing HomeLane is our vote of confidence in their technological innovation leading to rapid scale, customer-centric approach to solving problems, and most importantly, the strong team led by Srikanth and Tanuj. This is evident in the kind of traction that they have gained even in the midst of a pandemic.”
Arya has been a part of the Content & Research Team at Hrnxt.com. She is a keen observer of economic developments, emerging businesses, people in business and keeps a tab on latest happenings in the business environment.