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Online home interiors brand HomeLane.com has raised $10 million from Accel Partners, Sequoia Capital and RB Investments in a Series D fund raise.
The start-up, which announced the launch of its operations in Delhi-NCR region last month, will deploy the fresh funds to fuel growth and technology innovation to attract customers and designers, as well as strengthen operations in its existing markets of Bengaluru, Mumbai, Chennai and Hyderabad.
The fresh funding takes the start-up’s total funding to $25 million, to date.
Srikanth Iyer, co-founder and CEO, HomeLane.com, told BusinessLine that the company has reached operational profitability, is close to breaking even and will become profitable in 2018.
SpaceCraft, HomeLane’s virtual design platform that helps home owners co-design their homes virtually with the designer ruling out the requirements of multiple physical meetings and back and forth on designs, has been key in powering the company’s growth with 160 customer meetings executed entirely on the platform last month.
“We will be expanding the tech team to move faster on SpaceCraft, to hasten customer adoption, so we can close orders much faster. SpaceCraft has helped reduce customer meetings from 2.7 times to just once” said Iyer.
Last month HomeLane acquired home interiors marketplace Capricoast.com as it brings a strong complementary product and technology back-end that strengthens HomeLane’s product offerings, especially on SpaceCraft.
“Customers will now be able to see all the price ranges that they can choose from, receive price quotes in 5 minutes and be able to track the status of their entire home interiors project at any point in time” said Iyer.
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