HomeLane, an online home interior company, has raised $50 million (₹371 crore) in its Series-E funding round on Thursday, led by IIFL AMC’s Late Stage Tech Fund, OIJIF II (Oman India Joint Investment Fund) and Stride Ventures.
Existing investors Pidilite, Evolvence, NuVentures, Sequoia and Accel also participated in this round of fundraising. With the current round, HomeLane has raised over $104 million (about ₹765 crore) in the last seven years.
Srikanth Iyer, Co-Founder, HomeLane said the fresh fund will be used in brand building as the company ventures into new markets in smaller cities and strengthen technology capabilities to enhance the consumer experience.
The new funding will also help HomeLane accelerate its revenue target of ₹2,500 crore by FY24. Despite pandemic challenges, the demand in the second half of last fiscal has already bounced back to the pre-pandemic levels and achieved record cash profitability last November, he said.
The company also plans to enter into new verticals including painting and close this fiscal with a topline of $100 million (about ₹742 crore) as the order book has already doubled to ₹1,500 crore.
Tanuj Choudhry, Co-Founder, HomeLane said the company looks forward to consolidating its position as a leading player in the home interiors segment in India with greater reach, better technologies, and a seamless customer experience.
Chetan Naik, Fund Manager (Private Equity), IIFL AMC said the company is at the forefront of digitisation of home interiors space which has largely been an unorganised play.
Other existing investors in HomeLane include JSW Ventures, Growth Story, Aarin Capital, Baring Private Equity Partners, RB Investments and BCCL.