HomeLane Secures Rs 75 Crore in Bridge Round Funding to Drive Growth and Expand Reach
- ByStartupStory | June 15, 2023
HomeLane, a leading home interior solutions startup, has successfully closed a bridge round of funding, securing Rs 75 crore from its existing investors. This latest investment brings the total funds raised by the Bengaluru-based startup to $115 million. The company aims to utilize the funding to expedite its growth trajectory and support its expansion plans, according to Tanuj Choudhary, Co-founder and COO of HomeLane.
Choudhary expressed his optimism about the funding round, stating, “This round will provide enough cushion for us to make sure that we get past profitability and continue growing. About half our total investors participated in this round and this gives us pretty much infinite runway.”
HomeLane has been experiencing remarkable growth, achieving a year-on-year growth rate of around 50% for the past few years and is now on the brink of profitability. In the fiscal year 2022-23, the company’s revenue witnessed a substantial increase of 34% compared to the previous financial year, reaching approximately Rs 580 crore.
In addition to supporting its overall growth, the funding will also enable HomeLane to scale up its recently launched affordable segment brand, Doowup. This brand offers a range of interior products carefully curated by expert designers and manufactured using automated machinery, providing customers with personalized interiors at budget-friendly prices.
Srikanth Iyer, Co-founder and CEO of HomeLane, emphasized the company’s commitment to serving the middle-class segment, stating, “We’ve always been focused on the middle-class segment and we continue to be focused on that. We want to be one of the first and probably the only company to be profitable in the home interior domain, and we are pretty much there. I think this bridge round is also a vindication of that happening.”
HomeLane, founded in 2015, is dedicated to delivering end-to-end tech-enabled personalized home interior services. Presently operating in 22 cities, the company boasts a team of 1,850 employees, including 600 interior designers. With an impressive track record, HomeLane served 9,500 homes last year and currently handles 25 to 30 homes on a daily basis.
The recent funding round serves as a significant milestone for HomeLane, reinforcing its position as a key player in the home interior market and fueling its ambition to achieve profitability while continuing to provide exceptional services to its customers.
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