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HomeLane, a technology-based home interiors services startup, has raised ₹60 crore ($8 million) in a bridge round from new and existing investors.
The round was led by Stride Ventures with a ₹20 crore debt funding and had participation from Accel Partners, Sequoia Capital, Evolvence India and JSW Ventures.
HomeLane will deploy the new funds to enter new markets with a greater focus on non-metro expansion while strengthening the brand's presence across existing markets. Part of the funds will also be deployed to enhance HomeLane’s technology offering to give consumers a better interior service experience by focusing on its proprietary 3D design platform, Spacecraft.
“In the last five months, we’ve focused heavily on delivery predictability and safety. However, we also entered three new markets during this period - Visakhapatnam, Mysore and Coimbatore. With this round of funding, we are looking to invest in establishing our brand across existing and new markets, and filling a void that has been created in the large unorganised sector,” Tanuj Choudhry, Chief Business Officer at HomeLane.com said.
With this round, HomeLane’s overall fund-raising has crossed ₹370 crore ($54 million) over the last six years, the company said in a statement.
HomeLane recorded ₹230.4 crore operating revenues (unaudited) for the year ended March 31, 2020, compared with ₹99.95 crore during the previous fiscal.
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