Wehouse, a tech-based aggregator of construction services, has raised $1 million in Pre-Series A funding round from Anthill Ventures and a group of angel investors. The start-up, which promises to remove the hassles for those who want to construct independent houses, operates in Hyderabad.
“We are planning to expand our operations to Chennai and Warangal in the next few months,” Sripad Nandiraj, Co-Founder and Chief Executive Officer of Wehouse, told BusinessLine.
The funding comes on the heels of a major commercial milestone of Wehouse completing 1 million square feet of built-up area. “We are about to touch the ₹100-crore mark of booked revenue in the next few months,” Sripad said.
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. The start-up, which started off its operations under the Hocomoco brand, has recently rebranded as Wehouse.
“The proceeds from the maiden round will be utilised to upgrade the technology platform and hire people for key roles in its expansion to other cities,” he said.
“We provide a range of services including legal permissions, architectural structural design, and construction execution to interiors and monitoring services,” he said. “Over 2,000 workers (representing various service providers) are employed on our projects,” he said.
Anthill’s scaling programme
“This (investment in Wehouse) 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 programme for early-stage proptech companies in India,” Sailesh Sigatapu, Partner at Anthill Ventures said.