Aiming to reform the construction sector and making it a simple process by bringing together all entities involved in the home-building phase and providing one stop solution, Sripad Nandiraj incepted a tech-powered construction company, Wehouse on the four T concept which stands for Transparency, Time Saving, Tracking and Technology.
Hyderabad based company is now expanding its business in Chennai as it has witnessed increase in number of projects after getting its first funding from Anthill Ventures and a group of angel investors. The company is also planning to expand its foothold in Tier 1 cities.
Speaking about the first funding, Sripad Nandiraj, Co-founder and CEO of Wehouse said that the company took 1.5 years to crack the first funding and it was tough.
“The first break is always the toughest one and it took us 1.5 years to get our first funding. Our company has raised USD 1 million from Anthil Ventures and group of angel investors. The Wehouse team worked hard to build the company from the scratch. It has delivered the best projects for building goodwill. This funding brought new energy in the company, now our business has increased,” Nandiraj told Opportunity India.
Wehouse is a tech-powered construction aggregator platform that facilitates end-to-end construction services, helping their customers build their dream homes. The platform is a one stop solution for all the formalities needed to construct home including legal permissions, architectural structural, construction execution, interiors and monitoring services.
It enables customers to build their homes by connecting them to the best partners in the construction industry.
The company has rebranded itself as it was called ‘Hocomoco’ and since the rebranding, it claims to get 200 per cent more eyeballs on their website.
“When we initially started the company we named it Hocomoco as it was a unique concept. Then there was a time when people started getting confusing with the names and then we decided to build a strong brand recall for Wehouse. After rebranding, we are getting around 200 per cent more traffic to our website,” Nandiraj said.
The company has completed one million square feet of built-up area and expected to touch 100 crore revenue in next few months. In FY 2020-21 we have witnessed 482 per cent of growth and in FY 2021-22 the number touches 363 per cent till now.
Speaking about the trends in the real estate industry he said, “The real estate industry is booming after the pandemic. The demand has increased over the past few months which has resulted in price hike. The construction industry is expected to grow from USD 250 billion in 2022 to USD 530 billion in 2027, with a compound annual growth rate of 7.8 per cent. Due to the rise in work from home, tier 2 cities' housing requests increased rapidly.”
He further said, “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. Currently, more than 2000 workers are indirectly employed on different Wehouse’s projects. We want to keep increasing this number and give these workers more jobs as we grow.”
