Bengaluru-based online home furnishing startup HomeLane has raised around INR 10.5 Cr from JSW Ventures Trust.
According to filings with the Ministry of Corporate Affairs accessed by Inc42, HomeLane, through its parent company Homevista Decor and Furnishings Private Limited, has allotted 10 Equity Shares at a face value of INR 10 each, with a premium of INR 269.56 per share, aggregating to a total amount of INR 2,795.60, to JSW Ventures Trust – JSW VC Scheme II. Further, Homeland allotted 3,75,586 Series D2 Compulsorily Convertible Cumulative Preference Shares (CCCPS) at a face value of INR 20 per share, and a premium of INR 259.56 per share, amounting to INR 10,49,98,822.16.
The filings add that Homeland is in a startup phase and has incurred losses in FY17, FY18 and FY19.
JSW Ventures is an early-stage, tech-focused, venture capital firm based in Mumbai. It counts companies like indigenous app and content discovery platform Indus OS, restaurant software and marketing solutions platform LimeTray, and clinical software platform for doctors, HealthPlix, in its portfolio.
JSW Ventures also participated in HomeLane’s last funding round, a Series D round in December last year when it raised $30 Mn (INR 3 Cr). The round was led by new investors Evolvence India Fund (EIF), Pidilite Group and FJ Labs, with participation from Sequoia Capital, Accel Partners and JSW Ventures. The company had said that the funding would be used to launch renovation as a category, scale its proprietary design-to-manufacturing platform to more designers, vendors and installers; and expand to 8-10 new cities in India. Before the recent funding, HomeLane had raised $49.2 Mn in six funding rounds.
Founded in 2014 by Rama Harinath, Srikanth Iyer, and Vivek Parasuram, HomeLane is an online provider of home fit-out solutions. It offers personalised design service to customers through their panel of interior designers who work with them to customise the house designs. At present, it operates in Bengaluru, Chennai, Hyderabad, Mumbai and Delhi-NCR.
As an organised online home furnishing marketplace, HomeLane claims to offer an industry-first 45-day delivery guarantee for fit-outs. It claims that the value proposition is solving the interior design problem with technology and predictable timelines. HomeLane claims to have delivered 6K projects since its inception.
Other major startups operating in this space include Urban Ladder, LivSpace, Pepperfry and FabFurnish. The market for home interiors and renovation in India today is estimated to be between $20 Bn- $30 Bn.