According to a statement, CapriCoast’s 120-strong team will join HomeLane and its founder and chief executive Jawad Ayaz will join the board of directors as a part of the deal.
“This is a coming together of two big players in home design with complementary strengths and expertise. This acquisition also marks the beginning of HomeLane’s next phase of growth and expansion, given that we have already achieved operational profitability,” said Srikanth Iyer, co-founder and CEO of HomeLane.
Founded in January 2015 by Jawad Ayaz, CapriCoast offers modular kitchen designs along with online tools to customise and order them. It connects customers with manufacturers and suppliers of kitchen solutions and wardrobes.
The company is backed by venture capital firm Accel Partners India and Singapore-based RB Investments. In December 2015, CapriCoast raised $3.5 million in a Series A round led by Accel and RB Investments. Prior to that in April, it had secured a seed funding of $1.25 million from Accel Partners.
Homevista Decor and Furnishing Pvt. Ltd, the online furniture and design company that operates Homelane.com, was founded by 2014. The company offers a virtual design platform and a real-time integrated pricing engine.
In March this year, the company had raised $3 million from Baring Private Equity Partners India. Last year in August, HomeLane had secured $6 million in its Series B round from Aarin Capital and Sequoia Capital. In July 2015, the firm had also raised Series A funding from Sequoia, Aarin Capital and Growth Story.
In September 2015, HomeLane had acquired virtual tech startup Doowup.