HomeLane raises $10 million from Accel Partners, others
Bengaluru: Online home interiors brand HomeLane.com on Thursday said it has raised $10 million from Accel Partners, Sequoia Capital and RB Investments.
“The funds will be deployed to fuel growth and technology innovation to attract customers and designers alike, strengthening operations in existing markets in the country,” HomeLane.com said in a statement.
The company had recently announced the launch of its operations in Delhi-NCR region. It has operations in Bengaluru, Hyderabad, Chennai and Mumbai. Last month, HomeLane had acquired Capricoast for Rs90 crore to offer customers a streamlined home designing experience enabled by technology.
HomeLane has previously raised about $15 million in venture funding from investors like Sequoia Capital, Aarin, Growth Story and Baring PE. “HomeLane’s strategic focus has always been to simplify and streamline the process of home designing and furnishing for urban Indian home buyers. This strategy’s success, combined with this funding round has put us in a formidable position to scale up and capture a larger share of the home design market in all key cities of India,” HomeLane.com co- founder and CEO Srikanth Iyer said.
The company said it has reached operational profitability and is close to breaking even with SpaceCraft (HomeLane’s virtual design platform) as a key growth driver. With over 100 new orders per month, the company aims to double its revenues by 2018, the statement said.