WeHouse: Prop-tech Startup Secures Series A Funding

Prop-tech startup WeHouse, previously known as Hocomoco, has successfully raised Rs 25 crore, approximately $2.8 million, in a Series A funding round. This round incorporated both debt and equity and received contributions from existing investors such as Anthill Ventures, Suresh Babu Daggubati, Gaurav Marya, and Mohnish Yerra, among others.

The Hyderabad-based firm had previously secured $1.86 million from Anthill Ventures and other backers. According to WeHouse, the newly acquired funds will facilitate its expansion into new cities, which include Coimbatore, Ahmedabad, Jaipur, Surat, and Chandigarh, by the close of this year.

Established in 2017 by Sripad Nandiraj and Rohan Vinayak Reddy, WeHouse is a prop-tech company that offers technology-driven solutions for home building and renovation. The platform acts as an aggregator, uniting various stakeholders involved in the construction process, such as architects, contractors, material suppliers, engineers, and skilled labour.

Comprehensive Services Offered by WeHouse

WeHouse covers every aspect of the construction journey, from acquiring necessary approvals and providing architectural and structural design to project execution and interior design. The company also offers a technology-enabled monitoring system that allows clients to gain real-time insights into their projects.

Market Position and Future Growth

Market analysis indicates that India’s residential construction sector is expected to reach $373 billion by 2030. Currently, WeHouse operates in Chennai, Hyderabad, and Vijayawada. The startup claims that it has completed over 400 projects to date, with 250 delivered, and possesses an order book valued at Rs 150 crore.

The company’s revenue model includes charging clients on a per square foot basis, with commissions that vary by city. Additionally, WeHouse generates income from the sale of materials to contractors and provides on-demand interior design services.

WeHouse faces competition from entities like Brick&Bolt, which is involved in both residential and commercial construction across various cities, including Hyderabad and Chennai.