Home interiors firm HomeLane on Monday announced that it has raised $30 million in a Series D funding round. It has been led by new investors Evolvence India Fund (EIF), Pidilite Group and FJ Labs, with participation from Sequoia Capital, Accel Partners and JSW Ventures. The company has raised $46 million.
HomeLane will use the funds for its next phase of growth, 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, the company said. SpaceCraft, HomeLane’s virtual 3D design platform, will see more investment, with the team leveraging AI/ML and Augmented Reality to deliver a near-real experience to homeowners, the company added.
Srikanth Iyer, Founder & CEO, HomeLane, said “This latest round of investment is a testament of our investors’ belief in our vision. With this investment, we will accelerate our expansion into newer markets and build a world-class offering for the $12b home renovation market.
On the investment, Prashanth Prakash, Partner, Accel India said, “We are very happy with Homelane’s current growth trajectory and believe in the long-term growth prospects of the home improvement consumer segment in India.” The RainMaker Group acted as the sole financial advisor to the Company.
(Published 24 December 2019, 02:52 IST)
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