HomeLane Valuation Nears Half A Billion After $50-Million Funding Round
HomeLane has raised $50 million (about Rs 371 crore) in a growth round led by IIFL AMC’s Late Stage Tech Fund, OIJIF II (Oman India Joint Investment Fund) and Stride Ventures.
Existing investors such as Pidilite Industries Ltd., Evolvence, NuVentures, Sequoia and Accel also participated in the funding round, the interior design startup said in a statement. The fresh round takes the total fundraise by the company to date to $104 million (Rs 765 crore).
While the startup hasn't revealed the valuation, a person privy to the transaction told BloombergQuint on the condition of anonymity that the round values the firm at around Rs 3,500 crore ($476 million).
The Bengaluru-based startup provides end-to-end personalised home interior solutions to customers, and has served more than 20,000 customers.
The seven-year-old startup aims to use the funds to accelerate its strategic expansion to newer markets and invest further in technology.
“We aim to expand our operations from 18 cities to 25 by the end of March 2022. The time has come to build the brand a little bit more, and will also invest towards that,” Srikanth Iyer, co-founder and chief executive officer at HomeLane, told BloombergQuint over the phone.
The new funding, according to the company, will also help accelerate its growth, with revenue targets of Rs 2,500 crore by FY24.
“HomeLane is at the forefront of digitisation of home interiors space, which has largely been an unorganised play,” Chetan Naik, fund manager (private equity) at IIFL AMC, said. The firm, according to Naik, has been highly capital efficient and has been able to achieve cash profitability, a first in the category.