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Home interiors company HomeLane on Monday said it is planning to spend Rs 100 crore for marketing initiatives as it looks to expand its operational footprint to over 25 cities by 2021-end.
HomeLane, which raised Rs 60 crore recently from Stride Ventures and others, has also unveiled a new brand identity as part of its overall strategy to steer its business into the next phase of growth.
The new brand identity gives HomeLane a sharper brand persona aimed at creating greater relatability with its home-buying customers, a statement said.
"HomeLane's rebranding initiative coincides with the company's plans to scale-up its operations through the franchisee and retail distribution model for a wider presence across India. The franchisee and retail distribution model will allow HomeLane to efficiently scale-up operations from the current 10 cities to more than double its operational footprint, covering over 25 markets by end of the calendar year 2021," it added.
This will enable HomeLane a much better penetration into a sector that is primarily dominated by unorganised players, it said.
"Our rebranding efforts are aimed at making HomeLane relatable to the home-buying customers, as we target to scale-up our presence across the 25 top markets..." Srikanth Iyer, Founder and CEO of HomeLane, said.
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As part of the current rebranding exercise, the company has envisaged marketing spends of Rs 100 crore over the next one year, it noted.
Established in 2014, HomeLane had recorded Rs 230.4 crore operating revenues for the year ended March 31, 2020, registering a growth of 130 per cent over its revenues of Rs 99.95 crore during the previous fiscal. It is currently operational in Bengaluru, Chennai, Hyderabad, Mumbai, NCR, Kolkata, Pune, Coimbatore, Vizag and Mysore.
Iyer said the new cities for expansion are being selected on the basis of new homes coming up in that location and number of searches for keywords like home decor or modular kitchens.
The company would look at cities like Indore, Jaipur and Chandigarh.
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