MS Dhoni-Backed HomeLane’s FY22 Loss Surges 1.5X

0
114

HomeLane, a Bengaluru-based interior design startup backed by Indian cricketer MS Dhoni, reported a loss of INR 153 crore for the financial year 2021-22, a 1.5x increase compared to the previous financial year. However, the company’s revenue grew by 1.3x YoY to INR 190 crore in FY22. The startup’s expenses also increased from INR 184 crore in FY21 to INR 342 crore in FY22, primarily due to investments in branding and marketing, as well as technology infrastructure. HomeLane offers end-to-end interior design services and operates in 10 cities across India. The startup had raised INR 60 crore in a funding round led by Evolvence India Fund in November 2021.

HomeLane is a Bengaluru-based home interiors startup that offers end-to-end interior design solutions to customers. It was founded in 2014 by Rama Harinath and Srikanth Iyer. The startup is backed by investors such as Accel Partners, Sequoia Capital, Evolvence India Fund, and Pidilite Industries. HomeLane has also received investments from cricketer Mahendra Singh Dhoni.

According to reports, HomeLane’s FY22 loss has surged 1.5 times to INR 153 crore. However, the company’s revenue has grown significantly by 120% to INR 392 crore in the same financial year. The increase in revenue can be attributed to the growing demand for home interiors services in the wake of the Covid-19 pandemic, as more people are spending time at home and looking to improve their living spaces.

Despite the increase in losses, HomeLane remains optimistic about its growth prospects. The startup plans to use the funds raised in its latest funding round, which saw it raise $30 million, to expand its presence across India and invest in technology to enhance its customer experience. The company is also reportedly exploring the possibility of going public in the near future.