The development comes almost a month after when HomeLane acquired online furniture seller CapriCoast for Rs 90 crore ($13.8 million).
Till date, Homelane has raised about $25 million including the new funding. The other investors are Aarin, Growth Story and Baring PE.
The startup will utilise the funds to fuel growth and technology innovation to attract customers and designers alike, strengthening operations in existing markets in the country, according to a company’s statement.
“The company’s relentless focus on unit economics and profitable growth is a competitive advantage and a powerful differentiator,” said Prashanth Prakash, partner, Accel Partners.
G V Ravishankar, MD, Sequoia Capital, said, “HomeLane, with its disruptive technology-enabled product has successfully challenged the massive unorganized home furnishing industry and has convincingly grown its business since inception with very high NPS.”
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. It recently announced the launch of its operations in Delhi-NCR region.
“HomeLane’s strategic focus has always been to simplify and streamline the process of home designing and furnishing for urban Indian home buyers. This strategy’s success, combined with this funding round has put us in a formidable position to scale up and capture a larger share of the home design market in all key cities of India,” said Srikanth Iyer, co-founder and CEO of HomeLane.com.
HomeLane competes with Livspace which recently announced that it would invest Rs 70 crore in its affiliate initiative. Last August, the company had raised $15 million from investors like Jungle Ventures, Helion Partners and Bessemer Venture Partners.