Homevista Decor and Furnishings Pvt Ltd, which operates interior design platform HomeLane, has raised $50 million (Rs 371 crore) in a Series E round of funding.
The investment was led by IIFL AMC’s late-stage tech fund, Oman India Joint Investment Fund (OIJIF II) and Stride Ventures.
The fundraise also saw participation from existing investors Pidilite, Evolvence, NuVentures, Sequoia, Accel, JSW Ventures, Growth Story, Aarin Capital, Baring Private Equity Partners, RB Investments and BCCL.
With the current round of funding, HomeLane has raised $104 million (Rs 765 crore) in funds over the last seven years, since its inception.
The company said the latest round of funding will be used to expand into newer markets and investing further in technology to strengthen its consumer-first approach and investments in brand-building initiatives.
HomeLane aims to accelerate its growth, with revenue targets of Rs 2,500 crore (approximately $339 million) by FY24.
Set up by Srikanth Iyer, HomeLane says it provides end-to-end interior services using technology and tech-assisted designers.
HomeLane said its tech and asset-light model allowed the company to scale and record cash profitability in November 2020.
"As homes continue to be the centre of everything, there has been an increased momentum in the home interiors category.
Backing HomeLane is our vote of confidence in their technological innovation leading to rapid scale, customer-centric approach to solving problems and most importantly the strong team led by Srikanth and Tanuj,” Srinath S, CEO OIJIF AMC, said
In August 2020, Stride Ventures led a bridge round of $60 crore ($8.16 million). With Stride leading with a Rs 20 crore debt commitment, the remaining Rs 40 crore has come via equity funding from existing investors including Accel, Sequoia Capital, Evolvence India and JSW Ventures.
In December 2019, HomeLane raised $30 million (around Rs 214 crore) in a Series D funding round led by Evolvence India, Fevicol adhesive maker Pidilite Group and FJ Labs.
Accel, Sequoia and JSW Ventures also took part in the round.
It currently has a presence across 18 cities and has 29 experience centres with more than 900 design experts on its platform.