Adhesives maker Pidilite Group, which makes Fevicol, India focused private equity fund Evolvence India Fund and New York-based investment firm FJ Labs have led a $30 million Series D funding in this home interior design.
Adhesive maker Pidilite Group, which owns popular brands like Fevicol, Dr. Fixit etc, India focused private equity fund Evolvence India Fund and New York-based investment firm FJ Labs have led a $30 million Series D funding in home interior design startup HomeLane. The other investors who participated in the round were Sequoia Capital, Accel Partners and JSW Ventures. The startup has so far raised $46 million since it was founded in 2014 and competes with Goldman Sachs and Ikea-backed Livspace, Design Cafe, Bonito etc. HomeLane last raised around $4.5 million in February this year JSW Ventures, Accel Partners, and Sequoia Capital.
The startup will deploy capital in launching renovation category, scaling its design-to-manufacturing platform to more designers, vendors and installers, and expanding to eight-10 new cities in India, the company announced in a statement. This investment is very timely for the company, considering we are closer to EBITDA profitability and will be used for growth, brand and technology,” Srikanth Iyer, Founder & CEO, HomeLane. The company reportedly saw Rs 40 crore revenue along with a net loss of Rs 29.33 crore for FY18. “Pidilite is an undisputed leader in its category and their experience is invaluable as we scale our supply chain and the brand,” Iyer added.
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Earlier this year, waste management startup Recykal had raised pre-Series A funding of $2 million from Triton Investment Advisors– family office of Pidilite director Ajay Parekh. “Backed by its strong tech-stack, HomeLane is emerging as a strong player in the home interiors industry. We are looking forward to supporting and collaborating with the HomeLane team over the coming years,” said Apurva Parekh, Director, Pidilite.
The home interiors market is worth $18 billion and HomeLane has focused on the massive middle-market segment, according to Tanuj Choudhry, Chief Business Officer, HomeLane. The startup will end the current financial year at an annual recurring revenue of Rs 700 crore even as it looks for “company-wide profitability in early FY21,” said Choudhry.