Online home interiors start-up Homelane has raised ₹60 crore ($8million) in a bridge round led by Stride Ventures.
Stride Ventures participated through debt funding of ₹20 crore in the company. Existing investors Accel Partners, Sequoia Capital, Evolvence India and JSW Ventures have also participated, infusing another ₹40 crore in equity.
With this round, HomeLane’s overall fund-raising has crossed ₹370 crore ($54 million) over the last 6 years.
“This round isn’t purely a runway extension. We have invested in the company keeping in mind the fundamentals in place. The company has a significant target addressable market. Furthermore, they have limited competition and are building a technological moat. Post-lifting of lockdown restrictions, the company has quickly scaled up their orders, ” said Ishpreet Singh Gandhi, founder and managing partner, Stride Ventures.
Bengaluru-based HomeLane said it 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 the company’s technology offering to give consumers a better interior service experience by focusing on its proprietary 3D design platform, Spacecraft.
“Our mission is to make home interiors easy for the world, and this hasn’t changed during the pandemic. Virtual meetings, powered by our 3D design & collaboration platform SpaceCraft, have enabled us to meet customers and deliver superior design experience to them while practising social distancing,” said Srikanth Iyer, founder and chief executive of HomeLane.com.
The company said that it recorded ₹230.4 crore operating revenues (unaudited) for the year ended March 31, 2020, a growth of 130% over its revenues of ₹99.95 crore during the previous fiscal. During the last six years, the company has established operational presence across 10 cities with 19 experience centres and 900+ design experts on its tech platform.
“In the last 5 months, we’ve focused heavily on delivery predictability and safety. However, we also entered 3 new markets during this period – Visakhapatnam, Mysore and Coimbatore,” said Tanuj Choudhry, Chief Business Officer, HomeLane.