Online home interior design platform HomeLane has raised Rs 18 crore from Stride Ventures via issue of debentures and warrants. The company had scooped $50 million in a Series E round led by IIFL AMC’s Late Stage Tech Fund, Oman India Joint Investment Fund and Stride Ventures in September last year.
The board at HomeLane has passed a special resolution to issue one warrant having exercise investment amount of Rs 3 crore and 1,500 non-convertible debentures (NCD) at an issue price of Rs 1,00,000 per debenture to Stride Ventures to raise Rs 15 crore.
HomeLane also expanded its ESOP pool by 76,563 options to 426,459. As per Fintrackr’s estimates, the fresh options are worth Rs 4 crore whereas the total value of the company’s ESOP pool is now worth Rs 22.5 crore.
Earlier this year, the company announced ESOP buyback worth Rs 27 crore.
HomeLane provides end-to-end interior solutions and helps property owners furnish and install fixtures in their new apartments and houses. HomeLane claims to have served more than 20k customers and has over 1,400 design experts.
The Bengaluru-based company has not disclosed its financial numbers for FY22, but its revenue from operations grew nearly 16% to Rs 269 crore in FY21 from Rs 232 crore in FY20. As per its annual financial statements with the RoC, the firm managed to control its losses by 18.6% to Rs 83 crore in FY21 as compared to Rs 102 crore during the previous fiscal year (FY20). According to HomeLane, it was expected to generate revenue of Rs 423 crore and hit EBITDA profitability in FY22.
Founded in 2014, HomeLane competes directly with Livspace and Flipspaces along with UrbanLadder and Pepperfry.