Sequoia Capital Invest $50M in Homelane
After raising $4.5 million in February, Bengaluru-based a technology-led home solutions startup HomeLane is now receiving $50 million funding led by the Sequoia Capital. The raised funding will be used to expand its footprint to 10 metros including Mumbai and Delhi this year. Currently, it is present in Bengaluru, Pune, Hyderabad, Kochi and Chennai. Also, the company is deploying a part of the fresh funds to enhance its tech play that includes 3D visualization, project management and a mobile app.
Started by Srikanth Iyer and Rama Harinath, HomeLane is a hybrid startup that supplies customizable kitchens, wardrobes and entertainment units. It is focuses on modular, fixed furniture that has an average billing value of Rs 5 lakh upwards.
“We want to become a national brand. We are hitting 100 orders a month in Bengaluru. With a Rs 60-70 crore annualized run rate in one city in one year, it could be Rs 600 crore across ten cities,” said Iyer.
The home solutions opportunities is getting attention among investors to put money into several firms in the space. Other players that offers similar services include Urban Ladder, FabFurnish, CustomFurnish, Pepperfry, and LivSpace, which recently acquired two startups in this space are Dwll and DesignUp.