To Record $2.5 Mn Of Monthly GMV In Next Three Months.
Modular home furnishing solutions provider, HomeLane.com, has acquired Doowup for an undisclosed amount.
Under the deal terms, Doowup’s founding team will join HomeLane and its founder Vivek Seetharaman will be appointed as chief innovation officer.
Bangalore-based Doowup was started last year with an aim to revolutionize retail consumer experience through its hyper-realistic, personalized home decor “Shop-the-Look” technology experience.
Its disruptive IP and innovation in interactive 3D experience enables consumer to customize designer looks in context of their own homes. Consumers can interact with these experiences seamlessly across web, mobile and virtual reality mediums.
This acquisition will boost HomeLane’s home decor visualization to offer personalized and immersive home furnishing experience.
Srikanth Iyer, co-founder and CEO of HomeLane.com said, “The (Doowup) team comes with great experience on photo real imaging, rendering and graphics, which we will leverage to give our user a better experience. We are working on a virtual reality walkthrough of a home where in under 30 minutes, an individual can check out various options real time with cost.”
The company said it is on track of recording $2.5 Mn of monthly gross merchandise value in the next three months.
Founded in 2014 by Srikanth Iyer and Rama Harinath K, HomeLane offers technology based personalized home furnishing designs. Homelane provides customizable home solutions specifically targeted towards mid-income Indian customers who typically have a budget of around INR 50 lakh to INR 1.5 Cr.
Presently, operational in five major cities including Bangalore, Chennai, Hyderabad, Pune and Kochi, HomeLane is getting more than 100 projects per month.
Recently, Homelane launched virtual reality-based device called ‘Kaleido’, which allows users to envision 3D rendition of kitchens, bedrooms and living rooms, thus helping users to make informed choices.
Earlier in February, it had raised $4.5 Mn Series A funding from Sequoia Capital and Aarin Capital and also according to reports it is looking to close a $50 Mn in series B to be co-led by Sequoia Capital.
However, Homelane is not the sole company vying to carve a niche in the home furnishing market, which has recently emerged as an attractive market for entrepreneurs and investors alike. Earlier this month, Livspace acquired YoFloor, a mobile platform that offers a “virtual trial room” for home design decisions. Furniture retailer, Urban Ladder also launched a feature, which helps users visualize and put their entire room together before buying the furniture and decor products.
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