HomeLane has launched its affordable interiors brand ‘DOOWUP’ for mid-range homes in the Rs 50 million to Rs 75 million range.
Under DOOWUP, the average price of a project will be around Rs 2.2 million to Rs 3.5 million, compared to HomeLane’s average price of Rs 70 million. DOOWUP has forayed into the market with his two flagship stores in Bangalore, his HSR Layout and Varthur, each measuring around 700 sq ft.
Commenting on the financial potential of this new product range, Tanuj Chowdhury, co-founder and COO of Homelane, said: In April, we plan to carry out nearly 20 projects at just one store. By the end of next month, this number of customers could reach his 100. ”
The company says the DOOWUP range now includes modular kitchens and wardrobes that can be customized in a variety of colors and finishes. Furthermore, he added that all Doowup products are upgradable and equipped with accessories from Hettich’s Cargotec product range. This new portfolio of HomeLane offers multiple product variations in both categories, and the brand plans to expand by adding more categories during this year.
“We aim to serve 1,000 households by the end of this financial year and further plan to open 50 studios of this format across 20 cities in India by FY25,” he said. said Subodh Jain, senior vice president of retail. Chaudhry added that HomeLane will reach breakeven in the next quarter and is also focused on achieving positive EBITDA over the next two quarters.
Home Lane laid off approximately 30 to 40 employees in its product and technology divisions in March 2023 due to difficult market conditions. In response, Chaudhry said, “Last year we took a huge hit as far as input costs are concerned. We really wanted to achieve profitability without necessarily raising billions of dollars. This strategy required some tough decisions.”