Bangalore based home solutions startup Homelane has raised $50 million (Rs 315 crore) in a new round of funding led by VC firm Sequoia Capital. Homelane is a venture backed by storied entrepreneur duo K Ganesh and Meena Ganesh.
The startup will use the fresh funds raised to expand in 10 metros including Mumbai and Delhi this year. Currently it has presence in Bangalore, Pune, Hyderabad, Kochi and Chennai.
Earlier, HomeLane had raised $4.5 million in February from Sequoia Capital and Aarin Capital, an early stage venture investment firm founded by Ranjan Pai, billionaire investor and MD of Manipal Education and Medical Group, and T V Mohandas Pai, former Infosys board member.
Back in 2014, GrowthStory’s K Ganesh and Meena Ganesh had acquired Bangalore-based offline design firm Bello Interiors Pvt Ltd and rebranded it to HomeLane.
HomeLane was founded by former Pearson CEO Srikanth Iyer, along with a former colleague Rama Harinath, assists homeowners with customizable home solutions including kitchens, wardrobes, entertainment and vanity units. Customers can choose designs, fixtures and customized fittings, while Homelane is responsible for last-mile delivery. It offers customers a 45-day delivery guarantee, else it pays customers rent for delayed delivery. Its average ticket size is Rs 5 lakh.
G V Ravishankar, MD in Sequoia Capital India Advisors, said, “Homelane has made tremendous progress since we first invested and business is much ahead of plan. We are seeing significant inbound interest from investors. We remain committed to partner with HomeLane to fundamentally change the way this industry functions and provide a better experience to the consumer.”