Bangalore based home solutions startup Homelane is in final stages of closing a $50 Mn funding round. Sequoia Capital is going to co-invest in this forthcoming round alomgwith few other investors.
HomeLane is a hybrid startup that supplies customizable kitchens, wardrobes and entertainment units. What sets it apart from other ecommerce players dealing in this space is that it focuses on the modular, fixed furniture that has an average billing value of INR 5 lakh upwards, offers a 45-day delivery guarantee and is not focussed on movable furniture.
GrowthStory’s K Ganesh and Meena Ganesh had acquired Bangalore-based offline design firm Bello Interiors Pvt Ltd and rebranded it to HomeLane in 2014. The startup has Srikanth Iyer, ex-CEO of Pearson India and founder of Edurite as its CEO, and Rama Harinath, ex-senior management member at TutorVista as its co-founder.
Homelane will use the funds raised to expand in 10 metros including Mumbai and Delhi this year. Currently it has presence in Bangalore, Pune, Hyderabad, Kochi and Chennai.
It currently gets over 100 orders a month in Bangalore alone. With a $9.35-11Mn (INR 60-70 Cr.) annualized run rate in one city in one year, it could be around $93.5 (INR 600 Cr.) across ten cities.
“We believe the addressable market size in India is $10 Bn. A million homes are being handed over across the top ten cities in the country this year alone,” Iyer said.