Pramugdha Mamgain | DealStreetAsia – VC
HomeLane, a Bengaluru-based on-line dwelling interior options supplier, on Thursday introduced that it has secured $3.5 million (Rs 24 crores) in a contemporary spherical of funding from Model Capital, the strategic funding arm of the media large Bennett, Coleman and Co. Ltd.
The startup will deploy the funds to gasoline enlargement and in model strengthening to draw prospects, the corporate mentioned in an announcement. HomeLane counts Accel Companions, Sequoia Capital, Baring PE, Aarin Capital, GrowthStory & RB Investments amongst its traders.
Srikanth Iyer, co-founder and CEO of HomeLane.com mentioned, “We’ve been working in direction of providing Indian dwelling consumers an unbeatable mixture of transparency and predictability, which is unprecedented on this largely unorganized business. We’re scaling up effectively and our affiliation with Model Capital will assist us additional improve our model and channelize our nationwide enlargement plans.”
Homevista Decor and Furnishing Pvt. Ltd, the web furniture and design firm that operates Homelane.com, was based in 2014. Homelane operates in Bengaluru, Chennai, Hyderabad, Mumbai and Delhi-NCR. The corporate will likely be doubling the variety of expertise facilities in present markets by finish of this 12 months and is trying to obtain Rs 200 crore in run-rate by March 2019, the assertion added.
It had raised $10 million funding from traders like Accel Companions, Singapore’s RB Investments and present investor Sequoia Capital in December final 12 months. It acquired on-line furniture vendor CapriCoast for $13.eight million in November. The platform claims to have already delivered 2500 projects since inception.
“Homelane addresses a key hole and wish available in the market for dwelling consumers in a seamless and environment friendly manner. The continued development in and attraction to personal dwelling possession will propel Homelane’s market strongly over the approaching decade,” Sam Subramaniam, CEO, Model Capital, mentioned.
Since its inception in 2005, Model Capital has invested in additional than 850 firms to this point throughout sectors reminiscent of retail, FMCG, shopper durables, realty, digital and cellular, e-retail, well being & wellness, monetary providers and shopper providers amongst others.
HomeLane competes with the likes of Livspace, which obtained a further funding of $6 million from Deep Nishar, the Managing Director of Softbank Group Corp in January this 12 months. The platform bagged $15 million in a Sequence B funding led by Bessemer Ventures Companions with elevated participation from Jungle Ventures and Helion in August 2016.
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