Online home interior design platform HomeLane has raised $30 million in a Series D round led by Evolvence India Fund, Pidilite Industries and FJ Labs. The funding round also saw participation from the existing backers – Sequoia Capital, Accel Partners and JSW Ventures.
The fresh capital will be used for its next phase of growth, scaling the proprietary design-to-manufacturing platform to more designers, vendors and installers. Besides, it will expand operations in up to 10 new cities in India.
With the current round, total funding raised by HomeLane stands at $46 million. Previously, it raised $10 million in Series C round in December 2017.
Between the fresh financing round and the Series C, the Bengaluru-based startup had raised Rs 33 crore worth bridge round.
Besides fueling growth, the proceeds will also be deployed towards ramping up virtual 3-D design platform – SpaceCraft.
Currently present in Bangalore, Chennai, Hyderabad, Mumbai, NCR, Kolkata and Pune, HomeLane claims to have delivered over 6,000 projects since inception with support of more than 900 design experts and 16 experience centres.
According to the company’s press statement, it is closer to EBITDA profitability and targets to achieve ARR of Rs 700 crore and further expecting company-wide profitability in early FY21.
As per its annual financial report, HomeLane’s revenue from operations increased by 143.27% to Rs 98.65 crore. During the period ending March 2019, the expenses jump 2.2 X to Rs 154.8 crore, whereas losses have surged by 87.3% to Rs 54.86 crore from Rs 29.28 crore in FY18.
Founded by Srikanth Iyer, Rama Harinath along with K Ganesh and Meena Ganesh, HomeLane competes directly with Livspace and Flipspaces along with UrbanLadder and Pepperfry.