HomeLane, India’s leading tech-based home interiors brand, recorded a 16% revenue growth in FY21 despite challenges posed by the COVID-19 pandemic. The company also managed to pare its business losses significantly from a -36% EBITDA margin in FY20 to a -21% margin for the year ending 31st March 2021.
This was the result of a strong bounce-back in business between Q3 and Q4 and can be attributed to fundamental shifts in consumer behavior such as a rise in time spent at home, increased need for safe delivery of interiors and faster adoption of digital techno logies. HomeLane exited FY21 at a Rs 820 crore order book ARR, and recorded a revenue of Rs 268 crore, as well as expanded presence from 10 cities in FY20 to 16 cities in FY21. The company expects to generate revenues of Rs 423 crore and hit EBITDA profitability in FY22.
Srikanth Iyer, Co-founder & CEO of HomeLane, said that despite the challenges, they have managed to conclude FY21 with a strong finish and a successful launch in 6 new cities, all tier II markets. “The last year has encouraged consumers to opt for safe, contactless and timely service providers over unorganized players who struggle to provide this. Overall, the entire HomeLane community has worked tremendously hard to get us to where we are today, and so as a way of expressing our gratitude we have completed appraisals for everyone eligible.”
Tanuj Choudhry, Co-Founder & COO, HomeLane, said helping thousands of families move into beautifully furnished homes, through a pandemic, was a new one for even the company. “Our investments in employee and partner benefits, technology and safety have enabled us to not just grow but grow profitably and with the highest level of customer-centric we have seen since we started HomeLane. Even as the second wave tapers off and a third wave looms, we are confident of our resilience and of growing 100% over FY21.”
Owing to the strong finish in FY21, the company has proceeded with appraisals and increments effective 1st April 2021, for alia’s tech eligible employees even amid the second wave of the pandemic. The company was much better prepared for the impact of the pandemic this time around and tied up with the likes of Apollo, Manipal and Awifs to get all the employees and partners vaccinated, safeguard the entire ecosystem and plan for a reopening of on-ground activities in compliance with state regulations.
So far, 60% of employees have received the first dose of the vaccination and the company is working on arranging more vaccination drives in the coming weeks to provide vaccine access to the entire workforce. In addition to sponsoring vaccines, HomeLane has also provided employees with oxygen concentrators, unlimited leaves for recovery for those infected, advance payment of salaries to cover treatment costs, medical insurance coverage as well as a robust payout policy in the unfortunate event of an employee’s demise.
HomeLane, which was established in 2014, has grown into India’s tech-enabled home interiors brand, providing end-to-end interior services in a personalized, professional way. Through technological interventions, tech-empowered expert designers and project managers, the company has created a community of over 20,000 happy customers across the country, in the last six years.