Bengaluru (Karnataka) [India], May 25 (ANI/NewsVoir):HomeLane, India's preferred home interiors company, today announced its unaudited financial results for FY20, posting a 130 per cent 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 per cent 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 per cent in FY19 to 20 per cent in FY20.
HomeLane also reduced its EBITDA loss to 35 per cent (Rs 81 crore on a revenue of Rs 230 crore) in FY20, from 53 per cent (Rs 53.4 crore on a revenue of Rs 99.95 crore) in FY19; a drop of 34 per cent year-on-year. With revenues more than doubling and losses reducing by over 30 per cent, 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.
"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," said Srikanth Iyer, Founder and CEO.
"In FY20, we entered Kolkata and Pune, adding to our five existing markets. We were clocking a about Rs 600 Cr Order Book ARR in February, and despite going fully virtual during the lockdown, booked about 30 per cent 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 USD 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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