Some new investors along with existing ones participated
HomeLane, the start-up coming out of IT city Bangalore provides people with home renovations and interior design services that have raised $30 million in a financing round. The funds will be used to further its research and development of proprietary technology. The Series D round of funding was headed by Evolvence India Fund, Pidilite Group, and FJ Labs. The existing stakeholders who participated were Accel Partners, Sequoia capital, and JSW ventures.
The fresh round makes the raised fund to up to $46 million. HomeLane provides assistance to house owners in installing fixtures and furnish the flat or the house. The interior designer should belong to the area as the customers and supply chain associates should be able to ship the material to the desired location without any fuss. For this sole purpose, the company has set-up 16 experience centers in several Indian cities across India.
The company is making changes to be more profitable
These facilities allow the customer to go there and see and touch the material that is going to get used in their homes. The major competitors of the company are Livspace and Urban Ladder along with every mortar and brick store. The founders Rama Harinath and Srikanth Iyer explain HomeLane as a one-stop destination for all home interior requirements. The company has established itself as a proficient service provider as it delivers every item on time.
Mr. Iyer, the Chief Executive of HomeLane has assured investors that the company is moving towards being EBIDTA profitable. This is somewhat encouraging for the company as for the financial year that ended in March of 2018; the company has recorded the loss of $4.1 million. “We are very happy with HomeLane’s current growth trajectory and are believers in the long term growth prospects of the home improvement consumer segment in India,” said Prashanth Prakash of Accel India.