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Online home solutions startup HomeLane raises $4.5 mn from Sequoia Capital & others

Online home solutions
startup HomeLane has raised $4.5 million in Series A funding round led by venture
capital firm Sequoia Capital.

The round also
saw participation from early stage investment firm Aarin Capital and existing promoter
Growth Story led by entrepreneur couple K Ganesh and Meena, reports the
Economic Times.

Online home solutions
startup HomeLane has raised $4.5 million in Series A funding round led by venture
capital firm Sequoia Capital.

The round also
saw participation from early stage investment firm Aarin Capital and existing promoter
Growth Story led by entrepreneur couple K Ganesh and Meena, reports the
Economic Times.

The fund raise
also saw personal investments by billionaire investor and Manipal Education and
Medical Group (MEMG) boss Ranjan Pai and Mohandas Pai, a former board member of
Infosys and chairman of Manipal Global Education.

Former Pearson
India CEO Srikanth Iyer, along with former colleague Rama Harinath, co-founded
HomeLane to be a technology interfaced hybrid startup that supplies
customizable kitchens, wardrobes and entertainment units. Unlike other online
furniture e-tailers, who offer a range of movable furniture, HomeLane’s focus
is on modular, fixed furniture that has an average billing value of Rs 5 lakh
upwards.

At present, the
home set-up market is being addressed by the unorganized sector comprising
carpenters and offline furniture stores, with the segment reporting a 20%
annual growth.

“HomeLane
is disrupting the unorganized and inefficient home set-up market with its
technology led design, manufacturing and installation services that guarantee
timely and cost effective delivery for the consumer,” G V Ravi Shankar,
MD, Sequoia Capital India Advisors told the Economic Times.

Iyer was quoted
in the report as saying, “The funds will be used for expansion in 10 more
cities by the end of the year. It will also be spent in technology enhancement
and marketing campaigns,” He added, “Since we are an online player, most of our
marketing will also happen online.”

Currently
operational only in Bangalore, the company plans to expand to Chennai and
Hyderabad immediately, and thereafter to NCR and Pune, among other cities.

Presently the
company has 100 employees. It also plans to double the headcount by the end of
the year. The firm said it has bagged 40 customers in the last eight months.
The average ticket size of its products is Rs 5 lakh.

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