India's VC-backed HomeLane buys Capricoast
Indian interior design company HomeLane, which is backed by Aarin Capital and Sequoia Capital, has bought Accel Partners-backed online furniture marketplace Capricoast.
HomeLane paid INR900 million ($13.9 million) for Capricoast, according to a story in The Economic Times linked from the company’s Twitter feed. Capricoast’s 120 employees will become part of HomeLane, while founder and CEO Jawad Ayaz will join HomeLane’s board of directors.
Ayaz, a co-founder of Accel-backed furniture retailer Zansaar, launched Capricoast in 2014. According to AVCJ Research, the company has raised two rounds of venture funding: a $1.25 million investment in 2015 by Accel and a $3.5 million commitment later that year by Accel and RB Investments.
Capricoast’s platform connects customers with manufacturers of kitchen solutions and wardrobes. Using the site, customers can create customized interior designs and order them from the suppliers. The site also allows customers to set up face-to-face consultations with suppliers and provides tools for monitoring each phase of the project.
HomeLane was founded in 2014 and has received several rounds of funding, including a $4.5 million Series A led by Sequoia in 2015 with participation by Aarin. Sequoia invested another $50 million later that year, according to AVCJ Research, while Aarin joined Sequoia to commit an undisclosed amount in 2016.
The company operates a platform that allows homeowners to select furniture combinations with an integrated pricing engine. HomeLane then provides interior designers to customize their purchases to fit their space. It operates in Delhi, Bangalore, Hyderabad, Chennai, and Mumbai, and is planning to launch an experience center in Gurugram in the next two months.
HomeLane’s competitors in the online home design space include Pepperfry, which is backed by a number of investors such as Norwest Venture Partners, Bertelsmann India Investments, and Goldman Sachs, and LivSpace, whose investors include Bessemer Venture Partners, Jungle Ventures, and Helion Ventures.
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