Because of India’s unorganized industry, home renovation and construction can be a difficult venture. Each step from conception to completion requires careful planning and execution.
WeHouse is a Hyderabad-based startup that aims to make it easier to build and renovate a house. It offers a variety of construction services. The startup was founded by Sripad (COO) and Rohanreddy (Founder and CEO). It began operations in 2019.
It all began
Sripad and Rohan were once classmates. They had been searching for a way to simplify their lives for a while. Rohan and his family wanted to renovate their home, so they saw 2013 as the perfect time. Sripad and Rohan met to assess the market for construction, the raw materials required, and the vendors involved.
They realized that no company offered fast and simple construction solutions that included all necessary elements, such as labour, raw material, and other resources. The idea for a company to simplify the building process was born.
Sripad and Rohan made a bold decision to quit their jobs and start ‘Hocomoco,’ which was later renamed ‘Wehouse’ to improve brand recognition.
Services from end-to-end
Wehouse, a tech-powered aggregator platform, allows customers to build their own homes by connecting them with professionals in the construction sector.
It provides a range of services to residential construction, including project management, design, architecture, interiors, and legal permits.
Wehouse has partnered with companies in the construction sector to streamline the flow of resources throughout the supply chain. It has partnered up with over 1,000 suppliers of construction materials.
Sripad explains that the company is guided by the four-pronged principle of transparency, time savings, tracking, adoption of technology, and accountability. This allows for the preservation of high quality projects and timely project delivery.
According to the founder, the startup creates a plan that includes a schedule and estimates of the workforce upfront so that the project can be completed on time.
Technology frameworks and web-based services play an important role in areas such as customer management, material and vendor management.
“With tech, we can avoid manual errors and save time and money. Sripad says that technology has made the supply chain easier. This means there is no waste of material and efficient use of natural resources.
Wehouse offers an online e-monitoring service that allows customers to check how far their work is at any given time and see how much material they have used. It provides a secure site for customers with surveillance to protect against theft and damage, and keeps them informed via photos and videos.
We ensure that our customers have full access to all documentation, CCTVs on site, and detailed weekly reports. Customers can communicate easily with all teams, including finance, design, and project management. Sripad explains that customers can also use the Q&A function on our platform to get an overview of the project’s progress.
Every project Wehouse helps with has gone through over 200 quality checks. There are quality sieves at each checkpoint. To test their strength, slab-cast cubes go to a laboratory.
Projects in Hyderabad & Chennai
Over 200 projects have been completed in Hyderabad by the startup. More than 400 projects are currently in progress in Hyderabad, Chennai and other parts of India.
According to the company, 1 million square feet has been built. As of now, the company has built up 1 million square feet. The founder of Wehouse claims that the platform sees over 75,000 visitors per month.
Wehouse, which was established in August 2022, expanded to Chennai. The goal is to have a built-up area that exceeds five million square feet by March 2023. According to the startup, it currently has 120 projects in Chennai.
Wehouse’s revenue comes from 50% of its construction project management, 30% in materials management and 20% in interior design projects.
The startup charges Rs 1.599 per square foot in Hyderabad and Rs 1.900 per square foot in Chennai depending on labour costs and material costs.
Wehouse gives customers the opportunity to select materials and the startup receives a commission from the material company.
Wehouse claims that it experienced a revenue growth rate of 295% in FY 2019-20 and 482% in FY 2020-21. It also reported a revenue growth rate of 363% for FY 2021-22. The company projects that it will earn Rs 120 crore this year, a 62% increase.
GlobalData estimates that the Indian construction market is worth $609.6 billion by 2021. It will grow at an average annual rate of over 6% between 2023 and 2026, according to GlobalData.
There are many players in the home construction services sector, including RHUMBIX and Livspace.
Expansion and funding
To bootstrap Wehouse, the founders of Wehouse had poured Rs 5 lakh out of their personal savings.
Wehouse received $1 million from Anthill Ventures in a Preseries round. This was to help it upgrade its technology platform, hire more people, and expand. The startup is looking to close another round.
The startup plans to expand its operations in five additional cities, and to increase its team size to 100 employees. The startup also plans to sign strategic partnerships with 500 partners before March 2023.