HomeLane, a Bengaluru-based online home interior solutions provider, has raised about $4.6 million (Rs 33 crore) in a bridge-round of funding from investors including JSW Ventures, Accel Partners, and Sequoia Capital.
The company will deploy funds to fuel expansion of its experience centers in existing and new markets. A chunk of the fund will also be utilised to boost technology and brand strengthening, it said in a statement.
The startup secured $3.5 million from Brand Capital, the strategic investment arm of Bennett, Coleman and Co. Ltd, in June last year. It also counts Baring PE, Aarin Capital, GrowthStory & RB Investments among its investors.
According to Crunchbase, HomeLane has raised a total of $69.2 million in funding till date.
Srikanth Iyer, co-founder and CEO of HomeLane.com said, “Our success in existing markets has given us the confidence to deepen our presence in these cities and venture into new ones too. We will also be leveraging a part of this for brand strengthening and to boost our technology platform, which has aided our customers and designers immensely.”
Founded in 2014, HomeLane.com currently operates in Bengaluru, Chennai, Hyderabad, Mumbai and Delhi-NCR, with nine experience centers and 500+ designers. It will be doubling the number of experience centers across India by end of 2019. The company said it is looking to end FY2018-19 at an ARR of about Rs 400 crore.
HomeLane competes with the likes of Livspace, Urban Ladder, Pepperfry, and FabFurnish.
Livspace closed a $70-million Series C funding round led by Goldman Sachs and TPG Growth in September last year. The round also saw participation from Jungle Ventures, Bessemer Venture Partners and Helion Ventures.
A Mint report in November last year said that Urban Ladder is looking to raise funds over the next 12 months to grow its offline presence. It raised $12 million in March last year from existing backers Kalaari Capital, SAIF Partners, Sequoia Capital, and Steadview Capital.
India’s home interiors market is fragmented and is expected to exceed $23 billion by 2022.