Bengaluru-based online home interiors startup HomeLane has acquired one of its competitor Capricoast.com for Rs 90 crores.
HomeLane, which has launched its operations in the NCR and has offices in Gurugram and Noida, plans to set up an experience centre in Gurugram within the next two months. It already has operations in Bengaluru, Hyderabad, Chennai and Mumbai.
According to the company, this acquisition will enable it to offer its customers a smoother and more streamlined home designing experience enabled by technology.
As part of the deal, the 120-people team of Capricoast will become part of HomeLane with Jawad Ayaz (founder and CEO of Capricoast) joining HomeLane.com’s board of directors, reported ET.
“The Capricoast team brings with them a powerful technology back-end that will further strengthen our product offering,” HomeLane co-founder and CEO Srikanth Iyer said.
This also marks the beginning of HomeLane’s next phase of growth and expansion, given that the company has already achieved operational profitability, he added.
Homevista Decor and Furnishing Pvt Ltd, which owns and operates HomeLane.com, was formed in August 2014 by Iyer and Rama Harinath (CMO) along with K Ganesh and Meena.
HomeLane’s SpaceCraft, a one of its kind virtual design platform, is an industry-first digital platform that helps homeowners co-design their homes virtually with the designer. SpaceCraft comes with a real-time integrated pricing engine that helps the homeowners to keep an eye on the project price at all times during the design finalization process.
In February 2015 it raised Rs 28.3 crore ($4.5 million) in its Series A round of funding led by Sequoia Capital. It acquired Doowup, a tech startup that provides hyper-realistic, personalised home decor “Shop-the-Look” experience for an undisclosed amount, in the same year.
Till date, HomeLane has raised about $15 million in venture funding from investors like Sequoia Capital, Aarin, Growth Story and Baring PE.