Srikanth Iyer, Meena and K Ganesh Target ‘Whitespace’ Opportunity in India’s Home Setup Industry with HomeLane
August 25, 2014 - Bangalore, Karnataka, India
The market for home set up in India is estimated to be growing at 20% CAGR and is already a $ 10 billion per annum industry in the Top 10 Indian cities alone. Currently, the segment is being addressed by the unorganized sector comprising carpenters and brick-and-mortar furniture stores which is hugely labour-intensive, with overall quality standards being poor, and timelines which are flouted more often than not.
Srikanth Iyer, who is CEO of the new venture and set up HomeLane after exiting education major, Pearson India, which he headed until recently, said:“Although setting up a home in India consumes such a large share-of-wallet (second largest after real estate costs), it is a big pain-point for home owners. The market is unorganized and very fragmented. Invariably, there are cost overruns and very little control over quality and timeliness leading to huge frustration among home owners. HomeLane aims to change this as our services will put complete control in the hands of home owners”.
HomeLane aims to be in 7 cities over the next 12 months and has already launched operations in Bangalore, where it acquired a running business with deep domain expertise, and added technology and asset light manufacturing as the new disruptions to the business model.
“The use of 3D Visualization technology and automating the design to manufacturing process allows us to bring down delivery time by half,” said Rama Harinath, Co-Founder of HomeLane, and an IIT/ IIM Alumnus. “Our experience in Bangalore has already shown that there is a massive potential for a branded player who can offer time bound delivery of home interiors with transparency, quality and convenience being the cornerstones. We will be a trustworthy brand that provides the quality, accountability and cost-effectiveness that home owners crave.”
“HomeLane’s use of technology and an asset-light model will turn the market on its head and disrupt the traditional brick-and-mortar business, just as we have shown it is possible to do with sectors as diverse as Education and Healthcare,” said K Ganesh, Serial Entrepreneur and Founder-Partner, Growthstory. “We look forward to working with Srikanth and the team, to create a market leader in what is a huge, ‘whitespace’ opportunity.”
“India offers many opportunities to build profitable ventures in what are commonly perceived to be unorganized sectors. Home setup is one such area,” added Ganesh.
HomeLane is India’s leading end to end, vertically integrated interior design and manufacturing provider. With more than 1000 projects delivered across the country, HomeLane has huge experience in helping customers build their dream home. The company offers personalized design service to customers at no extra cost where an experienced panel of interior designers works with customers to customize designs for houses.
Photo Caption: Srikanth Iyer (CEO) and Rama Harinath
Source: Business Wire India