Dhoni will act as a brand ambassador for the company and has taken a stake in the capital
Besides HomeLane, Dhoni has also invested in Khatabook, Cars24 and the D2C brand 7InkBrews
HomeLane ended FY21 with 16% higher revenue than FY20 and cut losses by 40%
Interior design startup HomeLane has entered into a three-year strategic partnership with former Indian cricket captain Mahendra Singh Dhoni, who has taken a stake in the company and signed on as his brand ambassador. However, details of the investment remain disclosed.
“As HomeLane expands into new markets and deepens its presence in its existing 16 cities, its strategic association with MS Dhoni will enable the company to create high decibel visibility and connect with its consumers,” the company said. in a press release.
HomeLane plans to expand to 25 new Tier 2 and Tier 3 cities over the next two years, and has said it will spend INR 100 Cr on marketing to support this expansion. The company also plans to launch an advertising campaign featuring Dhoni around the upcoming IPL season, according to a Hindu business line. report.
Founded in 2014 by Rama Harinath, Srikanth Iyer, Tanuj Choudhry and Vivek Parasuram, HomeLane enables consumers to achieve interiors designed with a high degree of personalization. In addition to creating 3D renderings of furniture and interior design, HomeLane’s virtual design platform, SpaceCraft, also offers a real-time pricing engine that helps customers track their potential spending. It is currently operational in 16 cities including Bengaluru, Chennai, Hyderabad, Mumbai, Delhi NCR, Kolkata, Pune, Coimbatore, Visakhapatnam and Mysore.
Before that, the A Bengaluru-based startup raised 60 Cr INR (over $ 8.1 million) in August last year from investors such as Accel Partners, Sequoia Capital, Evolvence India and JSW Ventures. To date, the company has raised approximately $ 54 million.
With the conclusion of the deal, Dhoni becomes the first HomeLane brand ambassador. Prior to this investment, he invested in companies such as Khatabook business accounting app, Cars24 car market and more recently, in the food and beverage company D2C 7InkBrews.
In December of last year, HomeLane said it was rising 5% to 7% month-over-month, following a slowdown in business during the lockdown between April and August 2020. The company checked in INR 268 Cr turnover for FY21 16% higher than FY20 and ended the year with a loss of INR 60 Cr, 40% lower than FY20.