India: HomeLane raises $30m in Series D round to expand ops

Photo: Mint

Homevista Decor and Furnishing Pvt Ltd, which runs online interior design and furniture company HomeLane, has raised $30 million in a fresh round of funding to fuel its expansion into home renovation as a service and to expand into 10 new cities, the company said in a statement on Monday.

The Startup’s Series D round was led by new investors, including a Dubai-based investor’s private equity firm Evolvence India Fund (EIF), Pidilite Group and New-York based investment firm FJ Labs, with participation from Sequoia Capital, Accel Partners, and JSW Ventures. With the current round, the total funding raised by HomeLane stands at $46 million.

Founded in 2014 by Rama Harinath, Srikanth Iyer, and Vivek Parasuram, the startup provides end-to-end interior design solutions to customers. Users log onto HomeLane, engage with designers on the platform to customize designs and furniture sets best-suited to their needs.

The startup also provides design modules for kitchen spaces, bedrooms, and other furniture sets such as wardrobes, storage units, and study tables to homeowners. HomeLane is currently present in 7 cities, including Bengaluru, Chennai, Hyderabad, Mumbai, NCR, Kolkata and Pune and claims to have completed over 6,000 projects to date.

Iyer said the fresh investment comes at a time when the company is “closer to (achieving) EBITDA profitability”. HomeLane had reported 40 core in revenues in the financial year ended March 2018 (FY1) along with a net loss of 29.33 crore losses in the same year. The startup had incurred total expenses of 70.2 crore in FY18. HomeLane is yet to file full-year FY19 results.

HomeLane also has an offline presence through its 16 experience centers which offer customers a choice to browse through its catalog using virtual 3D designs. It also has an affiliate program for sourcing designers onto the platform.

HomeLane pays a 6-8% commission to affiliate designers for every design project that they take up for customers. HomeLane manufactures and installs the furniture at the customer’s site while the designer also oversees customer relationships as well.

HomeLane competes with other interior design startups such as Livspace, and platforms including Pepperfry, and Urban Ladder that sells furniture online. Mint reported last week that Livsapce is currently in talks to raise $100 million, at a valuation of $500 million.

This article was first published on livemint.com.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.