India’s home renovation & construction industry is still unorganized, facing challenges ahead.
Construction requires precision with every step, be it planning or execution.
Sripad Nandiraj, the founder and CEO, and Rohan Reddy, the COO, launched the Startup’ Wehouse‘ in 2019, intending to make the process of building and renovating a house easy.
The startup simplifies the construction process by bringing all entities involved in building a home together under one roof.
Sripad and Rohan were classmates before coming together again for business. They had been trying to create a company that would simplify living for a long time.
An opportunity knocked when Rohan and his family were looking to renovate their home in 2013. Sripad and Rohan assessed the construction industry, the raw materials required, and the vendors involved.
They then realised no organisation offers rapid and straightforward building solutions with all the necessary components, including labour, raw materials, and other resources.
And this gave rise to the concept of a startup that would simplify the building process by combining all the parties engaged in building a house under one roof.
With a strong belief in their idea, they left their full-time professions to launch Hocomoco, which was eventually renamed Wehouse for enhanced brand recognition.
Wehouse is a technologically advanced platform that connects customers with professionals in the building sector, allowing them to construct their homes from the ground up.
It provides a wide range of services for residential buildings, including project management, architectural design, innovative home interior design, and legal clearances.
The startup’s process includes the following:
- Determining the client’s requirements and the cost.
- Setting up meetings.
- Carrying out activities.
- Online monitoring.
- Providing the final product.
According to Sripad, the organisation runs on four pillars; transparency, time savings, tracking, and technology adoption.
Technological frameworks and web services help manage customers, materials, and vendors.
Through their e-monitoring tool, customers can check online to see how far along their job is and how much material they need. Additionally, it ensures that the project site is safe and secure from theft and property damage. Customers get updated status of the work via pictures and videos.
Every project that they work on goes through more than 200 quality checks.
More than 400 projects are underway in Hyderabad and Chennai, and the startup has completed more than 200 projects in Hyderabad.
The firm claims to have finished 1 million square Ft. of developed space. According to the founder, the platform witnesses a footfall of over 75,000 monthly visitors.
Wehouse expanded to Chennai in August 2022 to accumulate a built-up area of five lakh square feet by March 2023. According to the startup, it is working on 120 projects in the area.
Their revenue comprises 50% from managing construction projects, 30% from managing materials, and 20% from managing interior design projects. Depending on labour costs, material costs, and land prices, the company charges Rs 1,599 per square foot in Hyderabad and Rs 1,900 per square foot in Chennai.
They receive a commission from the supplier of building goods for each consumer who chooses items through the platform.
Wehouse reports that its revenue increased by 295% in the fiscal years 2019–20, 482% in 2020–21, and 363% in 2021–22. By the end of this year, it forecasts sales of Rs 120 crore, representing a rise of 620%.
The founders bootstrapped the business by investing Rs 5 lakh.
The way ahead
To enhance its technological platform, recruit staff, and grow, it received $1 million in a Pre-series round from Anthill Ventures and a group of angel investors in May 2022.
The firm intends to increase the size of its workforce by 100 individuals and spread its operations to five more cities. By March 2023, it also aims to establish 500 strategic partners.