HomeLane, an online home interior brand, has secured around ₹64.3 crore ($10 million) in its new funding round which was led by Accel Partners.
Along with Accel, the round also witnessed participation from Sequoia Capital and RB Investments. The capital will now be used by the company to fuel the startup’s growth and technology innovation. It will also be used to strengthen its position in the market.
The funding round comes just days after the company acquired Capricoast — an online furniture rental startup, as well as its team of around 120 people, for a sum of ₹90 crore.
Commenting on this development, Srikanth Iyer, chief executive of HomeLane.com, said:
We are operationally profitable from a few quarters. The fund raise is a good shot in the arm, in terms of confidence. The money will be used primarily for expanding our business and for technology.
Prashanth Prakash, Partner, Accel Partners, said,
The market for organised players in the home designing space is opening up in India. HomeLane, with its focus on customer experience, across discovery, designing and timely delivery, is well positioned to capture a significant share of this market.
The company says that it receives over 100 new orders per month and is now looking at doubling its revenues by the end of calendar 2018.
Revealing more information about the company’s future plan, Srikanth Iyer said that they have around 170 meetings on SpaceCraft and are hoping to do around 300 this month. He further added that they are aiming to take away the offline pain points by doing virtual meetings and are also exploring some stuff in augmented reality.