Online home interior design platform, HomeLane has secured Rs 60 crore in a bridge funding round led by Stride Ventures. Existing investors, Accel Partners, Sequoia Capital, Evolvence India, and JSW Ventures also joined the round, which is a mix of debt and equity.
Stride Ventures infused Rs 20 crore in debt whereas Accel, Sequoia, Evolvence, and JSW poured in Rs 40 crore equity capital collectively. Three weeks ago, Entrackr had exclusively reported that HomeLane was in the process of raising a fresh tranche.
HomeLane would utilize the latest proceeds to enter new markets with a greater focus on non-metro expansion while strengthening the brand’s presence across existing markets, said the company in a press statement.
The Bengaluru-based firm had secured $30 million worth first tranche in its Series D round in December 2019. With the latest infusion, HomeLane has raised a total of over Rs 370 crore risk capital to date.
Floated by Srikanth Iyer, Rama Harinath along with K Ganesh and Meena Ganesh, the six-year-old HomeLane helps property owners furnish and install fixtures in their new apartments and houses. Operational in 10 cities, it claims to have completed over 3,000 projects with 9,000 customers.
So far, the company has 19 experience centers with over 900 designers.
On the competition front, HomeLane competes directly with Livspace and Flipspaces along with UrbanLadder and Pepperfry. Livspace had last raised its $60 million early this year, whereas Flipspaces’ last round was materialized in January 2019.
UrbanLadder, on the other hand, has been going through a tough time and is likely to get acquired soon in a fire sale. As per media reports, Reliance Industries Limited has been in advanced talks to acquire a controlling stake in the Bengaluru-based company.
While HomeLane is yet to file annual financial statements for FY20, it claims to have recorded Rs 230.4 crore operational revenue for the year ended March 31, 2020, along with being on track to reach EBITDA breakeven by April 2021.