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HomeLane has launched an affordable brand of home interiors ‘DOOWUP’, for mid-priced homes in the ₹50 lakh to ₹75 lakh segment.
Under DOOWUP, the average project price will be around ₹2.2 lakh to ₹3.5 lakh as compared to the ₹7-lakh average price in HomeLane. DOOWUP forays into the market with two flagship stores of nearly 700 sq ft each, located in Bengaluru at HSR Layout and Varthur.
Commenting on the financial potential of this new range, Tanuj Choudhry, Co-Founder and COO, HomeLane said, “We started one DOOWUP store about a month back and we have already started closing customers. We expect to do almost 20 projects in April, just from one of the stores. By the end of next month, this number can go up to 100 customers.”
According to the company, the DOOWUP range currently includes modular kitchens and wardrobes that can be personalised with a variety of colours and finishes. Additionally, all Doowup products are upgradable and are equipped with Hettich’s cargotech range of accessories, it added. This new portfolio from HomeLane offers multiple product variants in both categories and the brand is planning to expand with addition of many more categories within this financial year.
“We are aiming to serve 1,000 homes by the end of this fiscal and further plan to open 50 studios in this format across 20 cities in India by FY25,” said Subodh Jain, Senior Vice President-Growth and Retail, HomeLane. Choudhry added that HomeLane is a quarter away from hitting break-even and is also focused on becoming EBITDA profitable in next two quarters.
HomeLane fired about 30-40 employees in product and tech roles in March 2023 due to tough market conditions. Responding to this, Choudhry said, “Last year, we took a massive hit as far as input costs are concerned. We were very clear that we want to get to profitability without necessarily having to raise gazillion dollars. This strategy required us to take some hard calls.”
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