Home interiors company HomeLane has raised its Series D funding round of $30 million, led by new investors Evolvence India Fund(EIF), Pidilite Group and FJ Labs, with participation from Sequoia Capital, Accel Partners, and JSW Ventures. This brings the total funding raised by HomeLane to $46 million.
HomeLane will use the funds for its next phase of growth, the company said in a statement, which will include launching renovation as a category; scaling its proprietary design-to-manufacturing platform to more designers, vendors and installers; and expanding to 8-10 new cities in India.
HomeLane competes with Livspace which earlier this year raised funding from Ingka investments, the investment arm of Ingka Group (Ingka Holding B.V and its controlled entities). Ingka Group is a strategic partner in the IKEA franchise system.
“We have been impressed with the performance of HomeLane in recent years. Backed by its strong tech-stack, HomeLane is emerging as a strong player in the home interiors industry. We are looking forward to supporting and collaborating with the HomeLane team over the coming years," Apurva Parekh, Director, Pidilite said in a statement.
HomeLane was founded in 2014 and now has a presence in Bangalore, Chennai, Hyderabad, Mumbai, NCR, Kolkata, and Pune. The company says it has delivered 6000+projects since inception with support of 900+ design experts and 16 experience centers.
"With this investment, we will accelerate our expansion into newer markets, while further penetrating our current ones. We will also build a world-class offering for the $12 billion home renovation market," Srikanth Iyer, CEO, HomeLane said.
HomeLane will also make investments in SpaceCraft, it's a virtual 3D design platform that leverages AI/ML and Augmented Reality to deliver a near-real experience to homeowners.
First Published: IST