Friday, April 19, 2024
Outlook.com
Outlook India
Outlook Business

HomeLane Raises Rs 75 Crore in Bridge Funding Round

The home interior solutions start-up has raised over $113 million across 10 funding rounds from investors like Sequoia India (now Peak XV Partners), Accel, JSW Ventures, Mohandas Pai and cricketer MS Dhoni

HomeLane Raises Rs 75 Crore in Bridge Funding Round
Srikanth Iyer, CEO and co-founder and Tanuj Choudhry, COO and co-founder of Homelane
Homelane
POSTED ON June 15, 2023 5:05 PM

HomeLane, a provider of personalized home interior solutions, announced the successful completion of a bridge round, raising Rs 75 crore (around $9.1 million) from its current investors. The funding will help accelerate the start-up’s growth trajectory and support its expansion plans.

The capital infusion significantly strengthens the company’s financial position, empowering it to aggressively pursue growth opportunities in the 22 Indian cities through over 50 experience centres it has a presence in. Additionally, it also enables the scale-up of its recently launched affordable segment brand, Doowup.

The company claimed it is on track to achieve profitability in FY24. 

"We are absolutely stoked that our investors have reiterated their belief in HomeLane's vision," stated Srikanth Iyer, co-founder and CEO, and Tanuj Choudhry, co-founder and COO of HomeLane. "This bridge round represents an important milestone for HomeLane, providing us with the resources to further scale the delivery of exceptional home interior solutions to our customers."

Though the specific terms and conditions of the bridge round remain undisclosed, it is worth noting that the funding has been structured to align with HomeLane's long-term goals.

Founded in 2014 by Rama Harinath, Srikanth Iyer and Vivek Parasuram, HomeLane raised over $113 million across 10 funding rounds from investors like Sequoia India, Accel, JSW Ventures, Mohandas Pai and cricketer MS Dhoni. It last raised $50 million in its Series D round in September 2021. 

The start-up’s standalone net loss rose to Rs 153.05 crore in FY22 from Rs 102.38 crore in FY21 as its expenses rose in line with growth in its business. Its operating revenue grew to Rs 426.13 crore from Rs 275.69 crore in the previous year. 

Earlier this year, HomeLane reportedly fired around 30-40 employees. There were also reports that New Delhi-based home interior start-up Livspace is in talks to acquire a majority stake in the HomeLane, which is its competitor.

  • Related Articles

    This capital infusion follows Abu Dhabi Investment Authority's (ADIA) announcement to invest $500 million in Lenskart

    Private Equity Firm ChrysCapital Invests $100 Million In Lenskart

    While visiting Europe's start-up and tech event Vivatech, the French president said France and the EU are lagging behind the UK and the world's biggest players, the US and China

    French President Emmanuel Macron Wants To Boost AI, Calls For Rules That Don't Impede Tech Growth

    It will launch ‘AI Navigator for Enterprise’ platform and ‘Center for Advanced AI’ to help enterprises maximize value of generative and other AI

    Accenture to Invest $3 Billion in AI, Double Its AI talent to 80,000 people through hiring, acquisitions and training