Hocomoco, a Hyderabad-based tech-powered construction aggregator, has raised $1 million from Anthill Ventures and a group of angel investors in its first pre-series A round funding. Hocomoco, now rebranded as Wehouse, will utilize the funds to upgrade the technology platform and hire for key roles in its pan-India expansion, the company said in a statement.
The new funding for Wehouse comes on the heels of the company recently completing 1 million square feet of built-up area in Hyderabad region. They are expecting to touch Rs 100 crore of booked revenue in the next couple of months.
Wehouse, a prop-tech startup, tries to simplify the construction process by bringing all entities involved in building a home under one roof. It helps people get services such as 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.
Wehouse said in a statement that it currently employs more than 2,000 workers indirectly on different projects. Founded in 2017, Wehouse enables customers to build their homes from scratch by connecting them to the service providers in the construction industry.
"The funding will be used to bolster our tech and prime us for scalability. Currently, more than 2,000 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 and CEO, Wehouse, said
"We are thrilled to invest in Wehouse...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 prop-tech companies in India," said Sailesh Sigatapu, Partner at Anthill Ventures.