Accel leads $10m round for India’s HomeLane

RB Investments and existing investor Sequoia Capital India also participated in the round, which brings HomeLane’s total capital raised since its 2014 launch to $25 million. The new funding will be used to scale up HomeLane’s presence in existing markets through technology improvements and targeting new customers.

This is the first investment in HomeLane for Accel and RB. Both GPs are backers of Capricoast, an Indian online furniture marketplace acquired by HomeLane last month for INR900 million ($13.9 million).

HomeLane’s online platform allows homeowners to select furniture combinations with an integrated pricing engine. The company then provides interior designers to customize the purchases to fit the customer’s space. It operates in Delhi, Bangalore, Hyderabad, Chennai and Mumbai, and is planning to launch an experience center in Gurugram by the end of the year.

Sequoia has been a significant backer of HomeLane, having led a $4.5 million Series A round for the company in 2015 and invested $50 million later that year, according to AVCJ Research. Aarin Capital also participated in the Series A round, and joined Sequoia to commit an undisclosed amount last year.

HomeLane’s competitors in India’s 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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• Topics
• South Asia
• Technology
• Consumer
• Expansion
• India
• Sequoia Capital
• Accel Partners
• TMT