Srikanth Iyer, Founder & CEO - HomeLane
Bengaluru, Karnataka, India.
HomeLane, India’s preferred home interiors company, today announced its unaudited financial results for FY20, posting a 130% jump in its operating revenues, from Rs. 99.95 crore last fiscal to Rs. 230.4 crore during FY20.
In FY 2020, HomeLane received orders from about 6,800 customers, growing 131% from about 2,900 customers in FY19. While the company’s revenue continued to see larger volumes from its core category of modular furniture, other products and services, such as false ceiling, painting, soft furnishings, wallpaper, wooden flooring, etc. posted an emerging trend. Contribution of other products and services grew from 10% in FY19 to 20% in FY20.
HomeLane also reduced its EBITDA loss to 35% (Rs. 81 crore on a revenue of Rs. 230 crore) in FY20, from 53% (Rs. 53.4 crore on a revenue of Rs. 99.95 crore) in FY19; a drop of 34% year-on-year. With revenues more than doubling and losses reducing by over 30%, FY20 ended strongly.
During the nationwide COVID-19 lockdown, when the company’s experience centers remained non-operative, HomeLane managed to get more than 350 new orders, using its proprietary 3D design technology platform, SpaceCraft. The Experience centers, manufacturing and installation services have resumed in limited areas across select cities in the past few days when relaxations were announced by the state authorities.
Srikanth Iyer, Founder & CEO said, “FY20 has been a defining year for us both from a revenue growth and profitability perspective. We are strongly positioned, despite COVID-19, to get to EBITDA profitability in FY21 which is a significant landmark we are aiming for.”
Tanuj Choudhry, Chief Business Officer said, “In FY20, we entered Kolkata and Pune, adding to our 5 existing markets. We were clocking a ~Rs. 600 Cr Order Book ARR in February, and despite going fully virtual during the lockdown, booked ~30% of normal monthly sales during the period. Our current focus is on ensuring we deliver safe interiors and at a speed only we can. This is a difficult time for everyone - homeowners should have one less thing to worry about - their interiors!”
HomeLane had raised $30 million in December last year in its Series D round which included investors like Pidilite and Evolvence India Fund, apart from existing investors including Sequoia and Accel.
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