Bengaluru-based home solution startup HomeLane has raised $4.5-million led by US venture capital firm Sequoia Capital. Notably, HomeLane is just 8-month-old startup and has managed to funding and thats too from VC like sequoia capital.
The fund-raise also saw a personal investments by billionaire investor and Manipal Education and Medical Group (MEMG) boss Ranjan Pai and Mohandas Pai, a former board member of Infosys and chairman of Manipal Global Education.
HomeLane is already backed and promoted by storied entrepreneur duo Ganesh Krishnan and Meena Ganesh. the husband-wife duo behind some of India’s most innovative, technology-led ventures including Portea Medical, BigBasket, BlueStone,avagmah and TutorVista. TutorVista was acquired by US and UK listed education leader Pearson for $213M in January 2011.
HomeLane is interior design and manufacturing provider. It offers personalized design service to customers at no extra cost where an experienced panel of interior designers works with customers to customize designs for houses. With more than 1000 projects delivered across the country, HomeLane has huge experience in helping customers build their dream home.
Founded just 8 months back by former Pearson India CEO Srikanth Iyer, along with former colleague Rama Harinath, HomeLane is a technology interfaced hybrid startup that supplies customizable kitchens, wardrobes and entertainment units. Unlike other online furniture e-tailers, who offer a range of movable furniture, HomeLane's focus is on modular, fixed furniture that has an average billing value of Rs 5 lakh upwards.
HomeLane has seen sales grow at 100% month-on-month just six months after launching operations in Bengaluru, said Srikanth Iyer, CEO, of HomeLane. The fund-raise, he said, would be used to expand in 10 cities over the next six months. HomeLane is looking to onboard 10,000 interior designers from around the country. "We would like to provide passionate designers the opportunity to work with HomeLane providing them part-time, work-from-home opportunities to augment their income," Srikanth said.
Advertisements