HomeLane secures bridge capital from JSW Ventures, Accel

Online home interiors and renovation startup Homelane has raised Rs 33 crore in a bridge round

led by existing investors JSW Ventures, Accel Partners and Sequoia Capital.

A bridge financing normally comes in when a company’s runway is shorter than its future financing options.  Homelane is actively in the market to raise $50-100 million, which it aims to close in next 6 months, according to Srikanth Iyer, Homelane founder and CEO. Homelane has till date raised about $68 million.

The Bangalore-based startup will use the funds to double its offline experience centers in existing and new markets as well as strengthen the technology platform and brand.

“HomeLane’s strategic focus has always been to provide a seamless home designing and furnishing experience, and we have grown 5 times in the last 3 months, and are looking to continue at the same rate in the next financial year.” Srikanth Iyer told ET. The company which currently has nine experience centres, plans to exit fiscal 2019 at Annual Recurring Revenue (ARR) of about Rs 400 crore.

Homelane competes with TPG Growth and Goldman Sachs backed Livspace, Westbridge funded Design Cafe as well as furniture marketplace Pepperfry and online brand Urban Ladder.

Company Funding Utilization

These companies offers a marketplace for customers to buy interior designs online from designers while taking care of execution. On the supply side they also offers software tools for designers to streamline their workflow. Homelane which was founded in 2014 by Rama Harinath, Srikanth Iyer, and Vivek Parasuram, is currently present in cities including Bengaluru, Chennai, Hyderabad, Mumbai and Delhi-NCR. The startup currently has a team size of 480 people.

The company had earlier raised $10 million (approximately Rs 64.3 crore) in a round led by Accel Partners along with participation from Sequoia Capital and RB Investments in 2017 which was used to fuel growth and technology innovation and strengthen operations.

  • Share your mind about this:

    This site uses Akismet to reduce spam. Learn how your comment data is processed.

Agri-tech startup DeHaat raises pre-Series A funding
Amazon-Backed Acko Raises Fresh $65 Mn In Series C Funding
Opposition Leaders hail IAF, PM Modi says ‘Nation in Safe Hands’
Live streaming app Bigo announces $100 Mn
Alibaba buys 14% stake in China courier firm in $693M deal
Hyundai in talks with Ola to pump upto $300 Mn as strategic fund
Grofers raises $60 Mn in Series F round from SoftBank
Basic Dining Table Etiquettes That You Should Follow
Black Shark 2 With Snapdragon 855 and 12GB RAM goes official
Samsung Galaxy S10 series India launch date revealed
HDMI 2.1 Explained: Everything You Need to Know in One Place
Xiaomi Mi MIX 3 5G version likely to launch on February 24
Softbank-backed OYO to acquire FreshMenu in a $50-60 Mn deal
DesignCafe bags Rs 200 cr funding from WestBridge Capital
OnePlus Explorer Backpack goes on sale for Rs. 4,990
Bengaluru startup Doodhwala to raise ₹85 crore