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Bangalore-based Homevista Decor and Furnishing Pvt Ltd, which runs online appliance and home architecture casework marketplace, HomeLane.com, has acquired online home interiors exchange Capricoast for Rs 90 crore ($13.8 million), a aggregation account said.
As allotment of the deal, Capricoast’s 120-strong aggregation will be allotment of HomeLane, while its architect and arch controlling Jawad Ayaz will accompany the lath of directors, the account added.
“This is a advancing calm of two big players in home architecture with commutual strengths and expertise. This accretion additionally marks the alpha of HomeLane’s abutting appearance of advance and expansion, accustomed that we accept already accomplished operational profitability,” Srikanth Iyer, co-founder and CEO of HomeLane, said.
Run by Capricoast Home Solutions Private Limited, the aggregation was founded in 2014 by Ayaz, who is additionally the co-founder of appliance e-tailer Zansaar, which according to a HomeLane spokesperson, is not allotment of this deal.
Zansaar had aloft $6 actor from Accel Partners and Tiger Global in 2012.
Capricoast connects barter with manufacturers and suppliers of kitchen solutions and wardrobes. It provides modular kitchen designs forth with online accoutrement to customise and adjustment them.
The aggregation had aloft $3.5 actor in a Series A annular led by absolute investors Accel Partners India and Singapore-based VC close RB Investments in December 2015.
In April 2015, it aloft $1.25 actor in berry allotment from Accel Partners India.
“We accept Capricoast’s able technology bulk in chump accretion and lifecycle administration will be a absolute antithesis to HomeLane’s unparalleled strengths in architecture visualisation and activity execution,” Ayaz said.
HomeLane was founded by Iyer in 2014 forth with Vivek Seetharaman, Rama Harinath K, Prabhu Venkatesh and Srini Battula. Except Iyer, the blow of the founding aggregation abdicate the aggregation back aftermost year. Tanuj Chaudhry and Yangchen Lachungpa were afterwards brought in as allotment of the founding team.
HomeLane offers a basic architecture belvedere and a real-time chip appraisement engine. The startup allows homebuyers to baddest from hundreds of kitchen, apparel or bank assemblage combinations with altered layouts, designs, colours and finishes. Once a homebuyer places an order, an autogenous artist from HomeLane.com works anon with the client to advice customise the kitchen or apparel according to the accommodation space.
Along with the acquisition, HomeLane has additionally launched its operations in the NCR region, the fifth burghal afterwards Bangalore, Hyderabad, Chennai and Mumbai. The aggregation is additionally planning to set up an acquaintance centre in Gurugram aural the abutting two months.
In March this year, Baring Private Equity Partners India Ltd had invested Rs 20 crore ($3 million) in the company.
In August 2016, HomeLane had aloft $6 actor in a Series B annular from Aarin Basic and Sequoia Capital.
In July 2015, Sequoia Basic led the firm’s Series A annular forth with Aarin Basic and Advance Story. HomeLane anchored Rs 28.3 crore ($4.5 million) in this advance round.
It had additionally aloft a annular of berry money from Advance Story, which is led by administrator brace Krishnan and Meena Ganesh.
Till date, the aggregation has aloft about $15 actor in adventure funding.
In September 2015, HomeLane acquired home décor visualisation belvedere Doowup for an bearding amount.
VCCircle had appear that in September this year, Ranjan Pai, co-founder and accomplice at adventure basic close Aarin Capital, had stepped bottomward from the lath of HomeLane.
HomeLane competes with added online appliance players such as Pepperfry and UrbanLadder besides accumbent e-commerce majors such as Flipkart.com and Amazon.
According to bazaar analysis close TechNavio, the online home décor bazaar in the country is accepted to abound at a circuitous anniversary advance amount of 50.42% amid 2014 and 2019.
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