HomeLane, a provider of personalized home interior solutions recently announced the successful completion of a bridge round, raising INR 75CR from its current investors.
The funding will help accelerate HomeLane’s growth trajectory and support its expansion plans, a statement said.
The bridge round reiterates the confidence of HomeLane’s investors in the company’s vision and also highlights its potential to become the first profitable company in the home interior space. HomeLane is on track to achieve profitability in FY24. The capital infusion significantly strengthens HomeLane’s financial position, empowering the company to aggressively pursue growth opportunities in the 22 cities it has a presence across India. Additionally, the funding also enables the scale-up of HomeLane’s recently launched affordable segment brand, Doowup, which has received a very positive response since its introduction, according to the statement.
“We are absolutely stoked that our investors have reiterated their belief in HomeLane’s vision,” stated Srikanth Iyer, Co-Founder and CEO, and Tanuj Choudhry, Co-Founder and COO of HomeLane. “This bridge round represents an important milestone for HomeLane, providing us with the resources to further scale the delivery of exceptional home interior solutions to our customers. We are excited to enter this next phase of growth and expansion.”
Though the specific terms and conditions of the bridge round remain undisclosed, it is worth noting that the funding has been structured in a manner that aligns with HomeLane’s long-term goals.
HrNxt.com Newsdesk has researchers and writers with an excellent domain knowledge about the talent ecosystem, and the business environment. The team keeps a tab on the latest happenings in the ecosystem to bring most relevant news and insights for our readers. You can connect with our newsdesk at newsdesk@hrnxt.com.