Home Interiors Startup HomeLane Acquires Capricoast For US$13.8Mn
Home interiors startup, HomeLane.com, acquired Capricoast.com, a leading online home interiors marketplace for US $13.8 Mn (INR 90 Cr).
HomeLane.com said that this acquisition will enable it to offer its customers a smoother and more streamlined home designing experience enabled by technology.
Capricoast was founded in January 2015, by serial entrepreneur Jawad Ayaz and a team of professionals who were previously involved with another startup called Zansaar.com.
Following the acquisition, the 120-strong team of Capricoast.com will be part of HomeLane.com. Jawad Ayaz, founder and CEO of Capricoast will join HomeLane.com’s board of directors.
HomeLane.com has also launched its operations in the NCR region. The company already has offices in Gurugram and Noida, and is further planning to set up an experience center in Gurugram within the next two months, to offer consumers a first-hand experience for their home designing and furnishing needs.
Speaking on the acquisition, Srikanth Iyer, co-founder and CEO of HomeLane.com said, “This is a coming together of two big players in home design with complementary strengths and expertise. The Capricoast team brings with them a powerful technology back-end that will further strengthen our product offering and go a long way in making HomeLane.com the preferred home décor destination for customers across India. This acquisition also marks the beginning of HomeLane’s next phase of growth and expansion, given that we have already achieved operational profitability.”
“We have already achieved a position of dominance in Bangalore, Hyderabad, Chennai and Mumbai and are now ready to serve homeowners in the NCR” Srikanth added.
Jawad Ayaz said, “We believe Capricoast’s strong technology core in customer acquisition and lifecycle management will be a perfect foil to HomeLane.com’s unparalleled strengths in design visualization and project execution. This integration is a win-win for home design customers as well as for HomeLane.com, which cements its position as the online home interiors industry leader with an unbeatable combination of transparency and predictability, backed by technological capabilities.”
Other home interior startup mygubbi.com also raised funding last month.