Homelane.com India seeks $20m funding
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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.
Questions & Answers
Q.What will Homelane.com India use the $20 million funding for?
What will Homelane.com India use the $20 million funding for?
The company plans to use the capital to finance a comprehensive advertising and marketing initiative. This program aims to boost the online brand's recognition and increase its presence in the existing market.
Q.How many cities does Homelane.com India currently operate in?
How many cities does Homelane.com India currently operate in?
Homelane.com offers its furniture design and ordering services in six Indian cities. These include major centres such as Mumbai, Delhi, Hyderabad, and Pune, as mentioned in the article.
Q.Has Homelane.com India raised funds before this current round?
Has Homelane.com India raised funds before this current round?
Yes, Homelane.com has successfully raised capital in two previous rounds since its founding a year ago. The most recent of these was $4.5 million, secured from Sequoia Capital and Arin Capital last February.
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