Top News

Homelane looking to raise $20 million in new funding round

  • Homevista
    Decor and Furnishing Pvt. Ltd, the online furniture and design company that
    operates Homelane.com, is in advanced talks to raise $20 million, according to
    two people directly involved in the transaction, the
    Mint reported.
    • Homevista
      Decor and Furnishing Pvt. Ltd, the online furniture and design company that
      operates Homelane.com, is in advanced talks to raise $20 million, according to
      two people directly involved in the transaction, the
      Mint reported.
    •  

    •  
    • The round
      would be led by new investors along with existing investors, said Srikanth
      Iyer, co-founder. He declined to comment on the amount and the time frame of
      the fund raising. The company raised $4.5 million in its Series A fund raising
      from Sequoia Capital and Arin Capital in February. It had also raised an early
      stage (seed) round from serial entrepreneurs Meena and K. Ganesh.
    •  
    • The company,
      founded in 2014 by Iyer and Rama Harinath, is looking to raise funds to deploy
      in advertising and marketing initiatives.
    •  
    • “We are
      looking at investing in creating a brand,” Iyer added. The other areas of
      spending include hiring technology teams and development of softwares and
      solutions.
    •  
    • The Indian
      furniture market is expected to grow at an annual rate of 13% between 2013 and
      2018, according to a report by Ken Research Pvt. Ltd. This sector employs more
      than 4.11 million people. That is expected to almost triple to 11.29 million by
      2022.
    •  
    • Homelane
      provides its services in six cities, including Delhi, Mumbai, Pune and
      Hyderabad. “We don’t have any plans to expand to new cities but to grow deeper
      in the existing ones,” said Iyer over the phone. The company has served more
      than 600 customers since its inception. The average value of a transaction is
      Rs 6 lakh and it clocks revenue of Rs 7.5 crore each month, it claimed.
    •  
    • Start-ups in
      the space have been raising funds from private equity and venture capital
      investors. In 2015, Livspace (run by Home Interior Design E-commerce Pvt. Ltd)
      raised $8 million, Pepperfry (Trendsutra Platform Services Pvt. Ltd) raised
      $100 million in a round led by Goldman Sachs; and Spacewood Furnishers Pvt. Ltd
      raised $13-15 million (for a 26% stake) from Japan’s firm Sumitomo Forestry Co.
      Ltd.

     

Show More

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Close