HomeLane, a Bengaluru-based online home interior solutions provider, on Thursday announced that it has secured $3.5 million (Rs 24 crores) in a fresh round of funding from Brand Capital, the strategic investment arm of the media giant Bennett, Coleman and Co. Ltd.
The startup will deploy the funds to fuel expansion and in brand strengthening to attract customers, the company said in a statement. HomeLane counts Accel Partners, Sequoia Capital, Baring PE, Aarin Capital, GrowthStory & RB Investments among its investors.
Srikanth Iyer, co-founder and CEO of HomeLane.com said, “We have been working towards offering Indian home buyers an unbeatable combination of transparency and predictability, which is unheard of in this largely unorganized business. We are scaling up well and our association with Brand Capital will help us further enhance our brand and channelize our national expansion plans.”
Homevista Decor and Furnishing Pvt. Ltd, the online furniture and design company that operates Homelane.com, was founded in 2014. Homelane operates in Bengaluru, Chennai, Hyderabad, Mumbai and Delhi-NCR. The company will be doubling the number of experience centers in existing markets by end of this year and is looking to achieve Rs 200 crore in run-rate by March 2019, the statement added.
It had raised $10 million funding from investors like Accel Partners, Singapore’s RB Investments and existing investor Sequoia Capital in December last year. It acquired online furniture seller CapriCoast for $13.8 million in November. The platform claims to have already delivered 2500 projects since inception.
“Homelane addresses a key gap and need in the market for home buyers in a seamless and efficient way. The continued growth in and attraction to private home ownership will propel Homelane’s market strongly over the coming decade,” Sam Subramaniam, CEO, Brand Capital, said.
Since its inception in 2005, Brand Capital has invested in more than 850 companies to date across sectors such as retail, FMCG, consumer durables, realty, digital and mobile, e-retail, health & wellness, financial services and consumer services among others.
HomeLane competes with the likes of Livspace, which received an additional investment of $6 million from Deep Nishar, the Managing Director of Softbank Group Corp in January this year. The platform bagged $15 million in a Series B funding led by Bessemer Ventures Partners with increased participation from Jungle Ventures and Helion in August 2016.