Wehouse Raises $1 Million In Pre-Series A Round
The fund will be utilized to upgrade the technology and scalability of the company's market
Hyderabad-based tech-powered construction aggregator, Hocomoco rebranded as Wehouse, has raised $1 million from Anthill Ventures and a group of angel investors in pre-Series A funding round. The funding will be utilized to upgrade the technology platform and expand its team size to cater to its Pan Indian expansion plans.
"Our recent funding is an indication that we are moving in the right direction, and it 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," said Sripad Nandiraj, co-founder, Wehouse.
Wehouse aims to capture a fair share in the growing construction industry. The new funding comes on the heels of a major commercial milestone of Wehouse, completing 1 million square feet of built-up area and slated to touch INR 100 crore of booked revenue in the next few months, the company claimed in a statement.
"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. As a company, they are redefining how technology is being applied to construction and we are excited by their vision and innovation in this space," said Sailesh Sigatapu, partner, Anthill Ventures.
Founded in 2017, Wehouse facilitates end-to-end construction services. The platform takes care of the legal permissions, architectural structural design, construction execution, interiors and monitoring services.
According to reports, the Indian construction industry is expected to record a CAGR of 15.7 per cent to reach $738.5 billion by 2022.