HomeLane, a Bengaluru based technology -led, home design and set-up company has concluded a $4.5 million Series A funding, led by Sequoia Capital- an American venture capital firm which focuses on Seed stage, early stage and growth stage emerging technology companies across the US, China, India and Israel.
The round also saw participation of Aarin Capital-financial investors and operational partners, led by Dr. Ranjan Pai and Padma Shri awardee Mohandas Pai. The best part? It has been a mere 8 months since the inception of the startup.
Led by CEO & Co-founder Srikanth Iyer and Co- founder Rama Harinath, HomeLane cuts through the intolerable hassle that comes with interior designing of homes- the budgeting, contacting necessary contractors, the delivery of the modules- bringing all of it together on a single platform.
They are simplifying the process, cutting down on costs and providing customized interiors solutions. Armed with 3D models, a state-of-the-art manufacturing unit with German machinery, a variety of material options and finishes, on-the-call designers to help you choose between them, designing how you envision your house becomes that much clean, quick, and customized.
HomeLane’s focus is on modular, fixed furniture that has an average billing value of Rs 5 lakh upwards. The designing process is modularly separate from actual installation. And they promise to deliver your goods on time. Positive reflections, according to the COO of the company, Prabhu Venkatesh, who says:
We bring a solid value proposition to the market: no unpleasant surprises. And an absolute guarantee of 30 days from order to installation for a range of home set up solutions – from kitchens to wardrobes to entertainment units
The investment clears the path for expansion- as the company gears up to increase operations over the course of 2015, with the spread now free to reach 10 cities. Sequoia is only too happy to provide the funding. G V Ravi Shankar, MD, Sequoia Capital India Advisors says:
We have known Srikanth and team for many years and are thrilled to partner with them again to solve a very large pain point in the home improvement market. HomeLane is disrupting the unorganized and inefficient home setup market with its technology led design, manufacturing and installation services that guarantee timely and cost effective delivery for the consumer.
The next six months has nearly 10,000 interior designers from across the country coming onboard with the company, providing a platform for all the talent and passion that is out there. The perfect thing- they can work par time, of from home, whichever suits the best.The market potential is endless. Estimated to be growing at 20% CAGR, already a $ 10 billion per year industry, the home set up market shows a lot of promise, specific to niche, highly, domain-specific verticals.