Bengaluru-based home interior startup HomeLane raises $50M in Series E round
- ByAyushi Ray | September 10, 2021
Bengaluru-based home interior startup HomeLane raises $50M in Series E round. It was led by IIFL AMC’s Late Stage Tech Fund, OIJIF II (Oman India Joint Investment Fund), and Stride Ventures. Its existing investors including Pidilite, Evolvence, NuVentures, Sequoia, and Accel also participated in the round.According to the official statement, with this round, HomeLane has now raised a total of $104 million (Rs 765 crore) in funds over the last seven years. The RainMaker Group acted as the sole adviser for this funding transaction. Founded in 2015, HomeLane provides end-to-end tech-enabled home interior services in a personalised and professional way. The startup claims to have created a community of over 20,000 clients across the country.
Srikanth Iyer, Co-founder and CEO at HomeLane, revealed that the company is looking to utilise the fund in three areas — brand building, enhancing the tech platform, and building new tech products. “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,” Srikanth said.
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