HomeLane, home interiors startup, has announced a $50 million (Rs 371 crores) Series E funding round today, led by IIFL AMC’s Late-Stage Tech Fund, OIJIF II (Oman India Joint Investment Fund), and Stride Ventures. Existing investors Pidilite, Evolvence, NuVentures, Sequoia, and Accel also participated in this round of fundraising. Other existing marquee investors include JSW Ventures, Growth Story, Aarin Capital, Baring Private Equity Partners, RB Investments & BCCL.
With the current round of funding, HomeLane has raised more than $104 million (Rs 765 crores) in funds over the last 7 years.
The new funding will help HomeLane accelerate its growth, with revenue targets of Rs 2500 crores by FY24.
Srikanth Iyer and Tanuj Choudhry, Co-Founders, HomeLane said, “We look forward to consolidating our position as a leading player in the home interiors segment in India with greater reach, better technologies, and a seamless customer experience.”
Commenting on the investment, Chetan Naik - Fund Manager, Private Equity at IIFL AMC, said, "The Founders - Srikanth and Tanuj bring in exceptional execution skillsets, making HomeLane well-positioned to be a beneficiary of growing momentum in the home improvement space.”