Start-Up Homelane Raises $50M In Series E Round

In a Series E investment round headed by IIFL AMC's Late Stage Tech Fund, OIJIF II (Oman India Joint Investment Fund), and Stride Ventures, Bengaluru-based technology-based home interiors service company HomeLane raised $50 million (Rs 371 crores). Pidilite, Evolvence, NuVentures, Sequoia, and Accel were among the existing investors who took part in the round.HomeLane has now raised a total of $104 million (Rs 765 crore) in funding over the previous seven years, according to the official announcement. This fundraising transaction was advised solely by The RainMaker Group.Srikanth Iyer, HomeLane's co-founder and CEO, told YourStory that the business plans to use the funds for three things: brand promotion, platform enhancement, and new tech product development.HomeLane, which was founded in 2015, offers customised and professional end-to-end tech-enabled home interior services. The company claims to have amassed a client base of over 20,000 people across the country.Tanuj stated that because of the COVID-19 epidemic, users who had previously purchased homes required their interiors to be done. They felt more comfortable communicating with the designers online owing to the lockdowns and limitations.He also stated that people had been thinking about their houses a lot more in the last year. During the pandemic, HomeLane saw a 10% rise in order value as a result of this. Users are buying more items, not necessarily expensive products, but products like work from home furnishings to make their homes more comfortable, he noted.