Homelane.com India seeks $20m funding
Homevista Decor and Furnishing, parent of Homelane.com India, is seeking $20 million in a fresh round of capital raising.
The cash will be used to fund an extensive advertising and marketing program to raise the online brand’s awareness and expand its market penetration.
Homelane.com offers a furniture design and ordering service online for six Indian cities, including Mumbai, Delhi, Hyderabad and Pune.
“We don’t have any plans to expand to new cities but to grow deeper in the existing ones,” co-founder Srikanth Iyer said in an interview.
“We are looking at investing in creating a brand.”
Homelane.com was founded just a year ago by Iyer and his business partner Rama Harinath. In that time it has raised funds in two rounds, the latest $4.5 million from Sequoia Capital and Arin Capital last February.
According to Ken Research, India’s furniture market is expected to grow at around 13 per cent annually until 2018.