Bengaluru-headquartered modular home furnishing solutions provider HomeLane has acquired Capricoast for $13.8 Mn (INR 90 Cr). Also based in Bengaluru, Capricoast is an online home interiors marketplace.
As per the official statement, the acquisition will enable HomeLane to leverage Capcricoast’s tech stack to provide customers with a more streamlined home designing experience.
Commenting on the development, HomeLane co-founder and CEO Srikanth Iyer said, “This is a coming together of two big players in home design with complementary strengths and expertise. The Capricoast team brings with them a powerful technology back-end that will further strengthen our product offering and go a long way in making HomeLane the preferred home décor destination for customers across India. This acquisition also marks the beginning of HomeLane’s next phase of growth and expansion, given that we have already achieved operational profitability.”
Post the acquisition, Capricoast’s team of 120 will become a part of HomeLane, while its founder and CEO Jawad Ayaz will be joining the parent company’s board of directors.
Although it already has offices in Gurugram and Noida, with the acquisition, HomeLane has announced its entry into the Delhi/NCR region. As stated by Iyer, the home furnishing startup is looking to set up an experience centre in Gurugram in the next two months to offer customers a first-hand experience when it comes to home designing.
“We have already achieved a position of dominance in Bengaluru, Hyderabad, Chennai and Mumbai and are now ready to serve homeowners in the NCR,” Srikanth added.