Online home interiors startup Homelane, has today announced raising a bridge round worth $4.6 Million from existing investors. The list of investors include JSW Ventures, Accel Partners & Sequoia Capital.
The company will deploy funds to fuel expansion of HomeLane experience centers in existing and new markets. A chunk of the fund will also be utilized to boost technology and brand strengthening.
Srikanth Iyer, co-founder and CEO of HomeLane.com said, “Our success in existing markets has given us the confidence to deepen our presence in these cities and venture into new ones too. We will also be leveraging a part of this for brand strengthening and to boost our technology platform, which has aided our customers and designers immensely.”
Bridge rounds are generally raised to either fill in for an unplanned gap in financing that may have come up, or in line with a future fund-raise that may happen. It is unclear as to which of the above two implies to this round for Homelane.
HomeLane.com currently operates in Bengaluru, Chennai, Hyderabad, Mumbai and Delhi-NCR, with nine experience centers and 500+ designers. It will be doubling the number of experience centers across India by end of 2019. The company is looking to exit FY2018-19 at ARR of about Rs 400 crore(US$ 56 Million).