MAM
HomeLane launches its first experience centre in Kolkata
Kolkata: As part of its operational scale-up, interior design company HomeLane is expanding its footprint in West Bengal. The company has launched its first experience centre in Chinar Park, north Kolkata. Spread over 2,500 square feet, the HomeLane experience centre offers potential customers and visitors a taster with eight concepts and designs covering kitchens, bedrooms, living rooms and dining spaces for diverse customer demographics and interests.
Each of these eight setups are designed in a different mood and theme that would invoke different feelings in visitors. A dedicated interior designer will guide visitors through the experience centre presenting the array of choices available to the customer followed by a demonstration of spacecraft where their ideas and inspirations will be brought to life. Here, a customer can also see the actual products that will be used in designing their home including a library of materials that could be used in furnishing, upholstery etc. The company also offers free design consultation as part of this service offering.
This year, the Kolkata market witnessed over 18,000 new home purchases, double the record purchases made in 2019. In fact, this is the first time in the last five years that sales exceeded the supply in Kolkata, resulting in unsold inventory levels reaching the lowest in the previous half-decade. This inherent business opportunity has encouraged HomeLane to step-up its investments and operations in West Bengal, starting with its first experience centre in Kolkata.
HomeLane co-founder & CEO Srikanth Iyer said, “West Bengal shows promising growth potential for HomeLane as the local demand for home interior design service has increased with the record rise in new home purchases, especially in Kolkata. We established our operations in 2019 and have been studying local market requirements to build in certain requirements that are very native to the West Bengal homeowner. Kolkata’s residents look for sleek, contemporary interiors infused with traditional elements like Kalighat paintings, stained glass accents, large windows for natural lighting, or patterned-tile floors. This confluence of heritage and contemporary ethos is what we have considered while designing our first experience centre in the city. Through our experience centre, we are offering Kolkata’s homeowners the best of modern concepts combined with indigenous local nuances delivered within 45 days.”
HomeLane plans to establish a network of four experience centres and four design studios across West Bengal over the next one year. They will provide local customers with a personal interface to interact with the company for their home interior needs. This network of experience centres and design studios will entail a capex investment of Rs 30 lakh to Rs 1 crore. The company is targeting over 5,000 orders from West Bengal and expects the local market operations to contribute over 10 per cent of business volumes in the next three years. HomeLane also has tied-up with various banks to provide easy financing options for its customers.
HomeLane co-founder & COO Tanuj Choudhry said, “Kolkata has been our fastest-growing market across India, with adoption rates for home interiors higher than in any other metro city. Moreover, customers in West Bengal take 20 per cent less time to make decisions on home interior services since almost all of them look for a one-stop-shop solution provider for all home interior needs. The Kolkata market, as well as the larger West Bengal market, are witnessing a shift to the organised sector, marked by increased customer preference for factory-finished modular furniture and home decor. The pandemic has further accelerated this shift, with customers wanting high-end, low maintenance, quickly installable products, with customisation options.”
Established in 2014, HomeLane has grown into India’s tech-enabled home interiors brand, providing end-to-end interior services in a personalised, professional way. The brand currently services 12+ cities across the country through 21 experience centres.
Brands
Kotak Mahindra Bank appoints Ramesh Iyer to board
Veteran financier replaces Ashok Gulati, who retires in March
MUMBAI: Kotak Mahindra Bank has announced a change to its board of directors, with independent director Ashok Gulati set to retire at the end of his term on 5 March.
The company said it has appointed Ramesh Ganesh Iyer as an additional and independent director for a four-year term, effective 17 February, subject to shareholder approval.
Iyer brings more than four decades of experience in financial services. He spent much of his career at Mahindra & Mahindra Financial Services, where he served as vice chairman and managing director before taking on the role of president for the financial services sector and member of the group executive board at Mahindra & Mahindra. He retired from the group in April 2024.
During his tenure, Iyer was instrumental in expanding rural and inclusive finance initiatives, scaling the company’s assets and customer base. He also led the creation of subsidiaries in rural housing finance, insurance broking and asset management, and oversaw international joint ventures.
Iyer holds a commerce degree and a doctorate of letters, and currently serves on the boards of several listed and unlisted companies.
The board meeting approving the changes was held in Mumbai on February 17 between 6.30 pm and 6.50 pm.
