Online fixed furniture solutions start-up HomeLane.com, which offers technology-led solutions to the largely unorganised $10- billion home fixed furniture market in India, is in talks with new and existing investors to raise a fresh round of $50 million in Series B funding.
Founded in June last year by serial entrepreneur Srikanth Iyer and Rama Harinath, the fledging firm has so far raised $4.5 million in Series A funding, led by Sequoia Capital with participation from Mohandas Pai’s Aarin Capital and seed funding from serial entrepreneur couple, K Ganesh and Meena at inception.
“We are in the middle of raising Series B funding and will use the new funds to expand beyond our metro presence to Tier-2 and -3 cities,” Iyer told BusinessLine .
He said within 12 months, HomeLane is clocking a run rate of $1 million a month and growing at 30-40 per cent month-on-month.
Expansion plan With a presence in five cities – Bengaluru, Chennai, Pune, Hyderabad and Kochi, the company plans to enter the Mumbai and Delhi/NCR markets very soon.
HomeLane provides fixed furniture solutions for middle-class homes that cost between ₹35 lakh and ₹1.5 crore per home and is looking to disrupt the $10-billion Indian market, 90 per cent of which comprises carpenters and mom and pop businesses.
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.