HomeLane said the latest round of funding will be used to accelerate its strategic expansion into newer markets and for investing further in technology to strengthen its consumer-first approach
Home interiors brand, HomeLane, on Thursday said it has raised $50 million (roughly ₹371 crore) as a part of its Series E funding round today, led by IIFL AMC’s late-stage tech fund, Oman India Joint Investment Fund (OIJIF) and Stride Ventures.
Existing investors, including Pidilite, Evolvence, NuVentures, Sequoia Capital and Accel, also participated as a part of this round of fundraising.
With the current round of funding, HomeLane has raised more than $104 million ( ₹765 crore) in funds over the last seven years, since inception.
According to the company, the latest round of funding will be used to accelerate the company’s strategic expansion into newer markets and for investing further in technology to strengthen its consumer-first approach.
With a focus on growth, the company is now eyeing revenue target of ₹2500 crore by the financial year 2023-24 (FY24).
HomeLane, which was founded in 2014, provides end-to-end personalised home interior makeovers and has served over 20,000 customers till date.
“We are excited to have IIFL AMC, OIJIF II and Stride Ventures on board, and grateful that our existing investors have continued to express confidence in our growth potential and vision. We look forward to consolidating our position as a leading player in the home interiors segment in India with greater reach, better technologies and a seamless customer experience," said Srikanth Iyer, co-founder, HomeLane.
HomeLane, which claims to have hit cash profitability in November last year, currently services 18 cities and has 29 experience centres.
“HomeLane is at the forefront of digitization of home interiors space which has largely been an unorganised play. With HomeLane’s design expertise, technology and efficient process, they have shown a strong ability to provide a predictable and consistent experience to customers. HomeLane has been highly capital efficient and has been able to achieve cash profitability which is a first in the category," said Chetan Naik, fund manager, private equity at IIFL AMC.
Earlier this week, IIFL AMC also announced that it had led a ₹174 crore investment in tea brand, Vahdam India.
The RainMaker Group acted as the sole adviser on the transaction.
"As homes continue to be the centre of everything, there has been an increased momentum in the home interiors category. Backing HomeLane is our vote of confidence in their technological innovation leading to rapid scale, customer-centric approach to solving problems and most importantly the strong team led by Srikanth & Tanuj,"said Srinath S, chief executive officer, OIJIF AMC.
Earlier in August, last year, HomeLane had raised a bridge round from Stride Ventures worth $8 million which also saw participation of existing investors including Accel Partners, Sequoia Capital, and JSW Ventures.
HomeLane’s other existing marquee investors include Growth Story, Aarin Capital, Baring Private Equity Partners, RB Investments and BCCL.
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