HomeLane, a startup that offers platform for home interiors, has announced that it has secured $30 million in a new Series D funding round which was led by Evolvence India Fund (EIF) and Pidilite Group and FJ Labs.
This new round also witnessed participation from Sequoia Capital, Accel Partners and JSW Ventures. With this funding round, the total funding raised by the company now stands at $46 million, helping the company expand its proprietary technology.
The startup plans to use the fresh capital to broaden its technology infrastructure and expand to eight to 10 additional cities. It will now be adding renovation as a new category offering. The funding will also be used to further build up its design-to-manufacturing platform to include more designers, vendors and installers.
It will also invest in its virtual 3-D design platform, SpaceCraft. Srikanth Iyer, chief executive of HomeLane, said: “With this investment, we will accelerate our expansion into newer markets, while further penetrating our current ones. We will also build a world-class offering for the $12 billion home renovation market.”
The company helps property owners furnish and install fixtures in their new apartments and houses. HomeLane has established 16 experience centers in seven Indian cities. In this space, the company competes with other online furniture sellers such as Livspace and Urban Ladder, as well as brick-and-mortar stores.
HomeLane was founded by Srikanth Iyer and Rama Harinath in 2014 and is currently present in seven cities – Chennai, Bengaluru, National Capital Region, Hyderabad, Mumbai, Kolkata and Pune. The company, working with more than 900 design experts, claims to have already delivered 6,000-plus projects since inception.