Construction-tech Startup 91Squarefeet Raises $10 Mn In Series A
The fund infusion will be used to strengthen 91Squarefeet's on-ground service muscle, product development and deepen its engagement with its supplier network
91Squarefeet, a construction-tech startup that builds physical retail outlets for big brands, has raised $10 million in Series A. This round was led by Stellaris Venture Partners, with participation from existing investors Y Combinator and Betatron and other angel investors.
The fund infusion will be used to strengthen 91Squarefeet's on-ground service muscle, product development and deepen its engagement with its supplier network, said a statement.
''Our effort is to digitize the supply chain around retail projects, reduce friction in collaboration and information exchange amongst project stakeholders, and create a transparent platform that retail brands can rely upon," said Amit Bansal, Co-Founder and CEO, 91Squarefeet.
"Demand for organized retail is growing, more so in tier 2 and 3 cities. However, a majority of brands struggle to expand their offline presence and tap into this massive opportunity. High dependence on small, unreliable suppliers often create inefficiencies leading to a 20-25 per cent higher cost of building a retail store along with several weeks of delay. 91Squarefeet's tech-enabled platform solves this very pain point, providing brands a timely and cost-effective way of building their stores. We believe that the founding team has an in-depth understanding of the market and are building the right set of technology tools to solve these execution-heavy challenges," said Rahul Chowdhri, Partner, Stellaris Venture Partners.
Founded in 2019 by Amit Bansal, Amit Mishra and Puneet Bansal, 91Squarefeet aims to enable brands to set up new stores at the click of a button. With a network of over 600 contractors and factories, 91Squarefeet has developed over 700 stores till date for over 40 brands across more than 230 cities, claims the company. The company is building or refurbishing a retail store every 12th hour at 3 times better on-time store delivery compared to industry benchmarks, added the company.