Home interior startup HomeLane raises $50M led by IIFL, OIJIF, others

HomeLane, a platform for home interior solutions, today said it has raised $50 million in a Series E funding round led by IIFL AMC's Late Stage Tech Fund, OIJIF II (Oman India Joint Investment Fund), and Stride Ventures.

The round also saw participation from existing investors Pidilite, Evolvence, NuVentures, Sequoia, and Accel. Since its inception, HomeLane has raised over $104 million in its funding rounds.

The announcement comes a month after it onboarded Indian cricketer MS Dhoni as a brand ambassador and equity partner. According to the statement, The raised funding will help HomeLane to expand its market presence. The startup also looks forward to investing heavily in technology development as it looks to target Rs 2,500 crore in revenue by FY-24.

JSW Ventures, Growth Story, Aarin Capital, Baring Private Equity Partners, RB Investments, and BCCL are among the investors in the Bengaluru-based startup, which was founded in 2014.

“We look forward to consolidating our position as a leading player in the home interiors segment in India with greater reach, better technologies, and a seamless customer experience,” said cofounders Srikanth Iyer and Tanuj Choudhry.

Through HomeLane's online platform enables customers to do their home interiors in a personalized way.

"With HomeLane’s design expertise, technology, and efficient process, they have shown a strong ability to provide a predictable and consistent experience to customers. HomeLane has been highly capital efficient and has been able to achieve cash profitability which is a first in the category" said Chetan Naik - Fund Manager, Private Equity at IIFL AMC.

The company has provided service in 18 Indian cities through 29 experience centers. HomeLane claims to be the only startup in the home-interior segment to achieve cash profitability in November 2020.

The startup claims to have served in 18 Indian cities through its 29 experience centers. Additionally, It also claimed to be the only startup in the home-interior segment to achieve cash profitability, which it achieved in November last year.

According to the reports, the seven-year-old firm has generated a revenue of Rs 268 crore in FY21, witnessed a 16% increase compared to the previous fiscal year, and to have ended the fiscal with an order book of Rs 820 crore.

Talking about its competition, Livspace and Flipspaces, as well as UrbanLadder and Pepperfry, are competing with HomeLane in the home interior segment.

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