Companies

HomeLane raises ₹33 crore in bridge round

Sangeetha Chengappa Bengaluru | Updated on February 26, 2019 Published on February 26, 2019

Online home furniture and interiors start-up, HomeLane.com, has raised ₹33 crore in a bridge round from JSW Ventures and existing investors — Accel Partners and Sequoia Capital. The company is in talks to raise $50-100 million in fresh funding from new and existing investors this year, a top executive told BusinessLine. Including the mop-up through this latest bridge round, the start-up has raised under $30 million to date.

“We have grown four-fold in the last 12 months, and therefore, have revised our target of a ₹200-crore revenue run rate for March 2019 upwards, and will exit FY19 with a ₹400-crore annualised revenue run rate,” said Srikanth Iyer, co-founder and CEO of HomeLane.com.

HomeLane will deploy the funds to double its network of nine ‘experience centres’ in the five markets it operates in — Bengaluru, Chennai, Hyderabad, Mumbai and Delhi-NCR — by the year-end. A major chunk of the fund will also be used to boost technology and strengthen the brand.

While a bridge round is typically raised by companies from existing investors to extend their runway till the next big round of funding , JSW Ventures, a new investor, came in because it appreciated HomeLane’s technology-driven business model that put it on the fast growth track, added Iyer.

Gaurav Sachdeva, Managing Partner, JSW Ventures, said: “We are excited about HomeLane’s relentless focus on customer experience in the complex immovable furniture market. The team leverages technology in helping customers discover and design cost-effective immovable furniture.”

HomeLane has delivered 3,900 homes with its brand promise of ‘45-day delivery or rent guarantee’ for fit-outs. Spacecraft, its virtual interior design platform, allows customers to collaborate with designers from home in real time. Bengaluru contributes to 45 per cent of HomeLane’s revenue followed by Chennai, Hyderabad and Mumbai at 15 per cent each, and Delhi-NCR at 10 per cent.

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Published on February 26, 2019
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