HomeLane, a home interior solutions startup, has successfully concluded a bridge round of INR 75 crore from its existing investors. The Bengaluru-based company has raised a total of $115 million, combining primary and secondary funds. In September 2021, it concluded its Series E round, raising $50 million (INR 371 crore).
The fresh funding will fuel HomeLane’s growth trajectory and support its expansion plans, according to Tanuj Choudhary, Co-founder and COO of HomeLane. Choudhary stated, “This round will provide us with the necessary cushion to ensure sustained profitability and continued growth. Around half of our existing investors participated in this round, giving us an almost infinite runway.”
HomeLane has been experiencing approximately 50% year-on-year growth in recent years and is nearing profitability. In the fiscal year 2022-23, the company’s revenue increased by 34% compared to the previous year, reaching approximately INR 580 crore.
The funding will also facilitate the scaling up of HomeLane’s recently launched affordable segment brand, Doowup. The brand offers a range of interior products curated by expert designers and manufactured using automated machinery, enabling customers to personalize their interiors at budget-friendly prices. Srikanth Iyer, Co-founder and CEO of HomeLane, emphasized the company’s focus on the middle-class segment, stating, “We’ve always been focused on the middle-class segment, and we will continue to prioritize that market.”
Iyer further added, “Our goal is to become one of the first, and possibly the only, company in the home interior domain to achieve profitability, and we are very close to realizing that. I believe this bridge round is a testament to our progress.”
Established in 2015, HomeLane aims to provide end-to-end tech-enabled personalized home interior services. It currently operates in 22 cities and employs a workforce of 1,850, including 600 interior designers. The startup served 9,500 homes last year and handles an average of 25 to 30 homes on a daily basis. With the new funding, HomeLane is poised to continue its expansion and consolidate its position in the market.
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