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Online fixed furniture solutions start-up HomeLane.com, which offers technology-led solutions to the largely unorganised $10- billion home fixed furniture market in India, is in talks with new and existing investors to raise a fresh round of $50 million in Series B funding.
Founded in June last year by serial entrepreneur Srikanth Iyer and Rama Harinath, the fledging firm has so far raised $4.5 million in Series A funding, led by Sequoia Capital with participation from Mohandas Pai’s Aarin Capital and seed funding from serial entrepreneur couple, K Ganesh and Meena at inception.
“We are in the middle of raising Series B funding and will use the new funds to expand beyond our metro presence to Tier-2 and -3 cities,” Iyer told BusinessLine .
He said within 12 months, HomeLane is clocking a run rate of $1 million a month and growing at 30-40 per cent month-on-month.
Expansion plan With a presence in five cities – Bengaluru, Chennai, Pune, Hyderabad and Kochi, the company plans to enter the Mumbai and Delhi/NCR markets very soon.
HomeLane provides fixed furniture solutions for middle-class homes that cost between ₹35 lakh and ₹1.5 crore per home and is looking to disrupt the $10-billion Indian market, 90 per cent of which comprises carpenters and mom and pop businesses.
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