Home solutions startup HomeLane.com has raised funding of Rs 24 Crore from Brand Capital, the investment arm of Bennett, Coleman and Co. Ltd (the Times Group).
The company’s co-founder and CEO Srikanth Iyer said in a statement that the company is scaling up well and its association with Brand Capital will help in channelizing HomeLane’s national expansion and branding plans. It currently operates in Bangalore, Chennai, Hyderabad, Mumbai and Delhi-NCR. HomeLane aims to double the number of experience centres in existing markets by end of this year and is looking to achieve Rs 200 crore in run-rate by March 2019.
Founded in 2014 by Srikanth Iyer and Rama Harinath, Bangalore-based Homelane offers interior design solutions using technology. It has a virtual design platform- SpaceCraft- helps homeowners co-design their homes virtually with the designer, ruling out the requirements of multiple physical meetings and back and forth on designs and real-time pricing.
HomeLane’s previous highlights
In November 2017, the company acquired an online marketplace of interior design firms Capricoast.com for Rs 90 crore. As part of the deal, the 120-people team of Capricoast became part of HomeLane.
In February 2015, HomeLane had raised $4.5 million in funding from Sequoia Capital, with participation in an individual capacity from Manipal Education and Medical Group’s Ranjan Pai and Manipal Global Education’s Mohandas Pai.
The online interior design space has gained considerable attention in past one year. HomeLane competes with companies like Livspace, Renomania, Foyr, Urban Ladder, Pepperfry- to name a few.
Note that, US-based Houzz Inc, online community and marketplace for homeowners and decoration professionals has a partnership with Times Bridge to expand its presence in India.
In June 2017, online home interior design and execution platform Livspace said that it will invest Rs 70 crore in its designers partnership initiatives across different segments, including onboarding & certifying freelance designers and studios, engagement programs, infrastructure & expansion across top metros to grow its network. It also said that it will invest Rs 25 crore to expand its flagship design centers.
In 2016, Home decor and furniture e-tailer Urban Ladder was testing ‘Urban Interiors’, an interior designing service that helps customers to furnish their homes through assistance from independent designers. The designer will help customers browse products and create custom interiors according to their requirements.