Hyderabad-based tech-powered construction aggregator, Hocomoco, has recently rebranded itself to Wehouse and raised $ 1 million from Anthill Ventures and a group of angel investors in its first funding round. The funding will be utilized to upgrade the technology platform and hire for key roles in its expansion to cities pan-India.
Wehouse is a tech aggregator platform that facilitates end-to-end construction services, helping customers build their dream homes. The startup simplifies the construction process by bringing all entities involved in building a home, together, under one roof. It provides end-to-end services from legal permissions, architectural structural design, and construction execution to interiors and monitoring services. It also offers e-monitoring, which enables customers to check the progress of the work and material consumption on-site through photos and videos of work, and notifications. Thus, providing a surveillance-secured project site to prevent theft and damage throughout the project.
Speaking about the funding and the rebranding, Sripad Nandiraj, Co-Founder and CEO, Wehouse, said, “Reinventing is an important part of keeping a corporate entity relevant and aligned with its entrenched entrepreneurial ethos. Our new name embodies our industrial and individual worldview. It means we, as a company and our clients, are building their dream home together as a family. Our recent funding is an indication that we are moving in the right direction, and it gives us immense pleasure that investors are showing faith in our brand and traction thus far. The funding will be used to bolster our tech and prime us for scalability. Currently, more than 2000 workers are indirectly employed on different projects across Wehouse’s projects. We want to keep increasing this number and give these workers more jobs as we grow.”
Sailesh Sigatapu, Partner at Anthill Ventures said, “We are thrilled to invest in Wehouse. As a company, they are redefining how technology is being applied to construction and home-building, and we are excited by their vision and innovation in this space. We firmly believe that a startup like Wehouse with its technology-first approach and deep domain expertise has a large opportunity to organize this fragmented market. This is just the beginning of our bold bet in this space, as we look forward to the launch of the first cohort of Gruhas ASPIRE, a scaling program for early-stage proptech companies in India.”
The construction industry is expected to grow from $250 billion in 2022 to $530 billion in 2027, with a compound annual growth rate of 7.8 per cent and Wehouse aims to capture a fair share of this growing market. The new funding comes on the heels of a major commercial milestone of Wehouse completing 1 million square feet of built-up area. They are slated to touch Rs 100 Cr of booked revenue in the next few months.