Homevista Decor and Furnishings Pvt Ltd, which operates interior design platform HomeLane, has raised Rs 60 crore ($8.16 million) in a bridge funding round.
Stride Ventures has led the round with a Rs 20 crore debt commitment, Bengaluru-based HomeLane said in a statement. The remaining Rs 40 crore has come via equity funding from existing investors including Accel, Sequoia Capital, Evolvence India and JSW Ventures.
This round takes the total capital HomeLane has raised since its inception in 2014 to Rs 370 crore (around $54 million), it said.
Set up by Srikanth Iyer, HomeLane says it provides end-to-end interior services using technology and tech-assisted designers.
The startup will use the capital it has raised to enter new markets with a focus on non-metro expansion. Part of the funding will also be used to enhance its technological infrastructure by focussing on Spacecraft, its proprietary 3D design platform.
“We believe that there’s still a sizeable gap in the market that HomeLane can address. Our investors have continued to express confidence in our growth potential and vision,” Iyer said.
Stride Ventures founder and managing partner Ishpreet Gandhi said the venture debt firm was confident of its investment in HomeLane because of its focus on customer experience, product quality and cost-effectiveness.
HomeLane says it has recorded unaudited operating revenues of Rs 230.4 crore (around $31.35 million) for the financial year ended March 2020, and is on track to break-even on an Ebitda (earnings before interest, taxes, depreciation and amortisation) basis by April next year.
It currently has a presence across 10 cities and has 19 experience centres with more than 900 design experts on its platform.
In December last year, HomeLane raised $30 million (around Rs 214 crore) in a Series D funding round led by Evolvence India, Fevicol adhesive maker Pidilite Group and FJ Labs. Accel, Sequoia and JSW Ventures also took part in the round.
HomeLane had secured Rs 64 crore from venture capital firms Accel, Sequoia Capital and RB Investments in December 2017 in what was likely its Series C round.
Previously, it raised Series B funding in 2016 and Series A round led by Sequoia Capital and Aarin Capital in 2015.