HomeLane Raises $10M from Accel Partners, Sequoia Capital & RB Investments
HomeLane.com is a pioneer in the organized online home furnishing market and offers an industry-first 45-day delivery or rent guarantee for fit-outs. HomeLane’s value proposition is solving the interior design problem with technology and predictable timelines.
HomeLane.com, India’s leading online home interiors brand today announced that it has raised $10 mn from Accel Partners, Sequoia Capital and RB Investments. The startup will deploy the funds to fuel growth and technology innovation to attract customers and designers alike, strengthening operations in existing markets in the country. HomeLane.com recently announced the launch of its operations in Delhi-NCR region.
Srikanth Iyer, co-founder and CEO of HomeLane.com said, “HomeLane’s strategic focus has always been to simplify and streamline the process of home designing and furnishing for urban Indian home buyers. This strategy’s success, combined with this funding round has put us in a formidable position to scale up and capture a larger share of the home design market in all key cities of India. Also, having two of India’s largest VC funds supporting us is a shot in the arm for our mission to deliver well-designed homes at scale in the country.”
“We will use these funds to strengthen our operations and technology offering for our consumers as we gear up to accelerate our growth”, Srikanth added.
HomeLane.com also said that it has reached operational profitability and is close to breaking even. With over 100 new orders per month, the company aims to double its revenues by 2018. SpaceCraft, HomeLane’s one-of-its-kind virtual design platform has been a key in powering the company’s growth.
Prashanth Prakash, Partner, Accel Partners said, “Homeowners in India not only have a growing appetite for stylish interiors, they are also looking for affordable and hassle-free home furnishing experience. As a result, the market for organized players in the home designing space is opening up in India. HomeLane, with its relentless focus on customer experience, across discovery, designing and timely delivery, is well positioned to capture a significant share of this market. The company’s relentless focus on unit economics and profitable growth is a competitive advantage and a powerful differentiator. We are glad to partner with them and look forward to scripting a big success story together.”
“We are seeing tremendous demand for cost effective and time-saving home design and furnishing solutions. HomeLane, with its disruptive technology-enabled product has successfully challenged the massive unorganized home furnishing industry and has convincingly grown its business since inception with very high NPS. We believe they have huge growth potential and Sequoia is glad to be an early investor and partner in their journey”, said G V Ravishankar, Managing Director, Sequoia Capital.