Construction tech startup 91Squarefeet, on September 13, raised $10 million in Series A round led by Stellaris Venture Partners. The round also witnessed participation from its existing investors Y Combinator, Betatron, and other angel investors.
The company, in a statement, said the fresh fund will be used to strengthen 91Squarefeet’s on-ground service muscle, and product development and deepen its engagement with its supplier network.
Founded in 2019 by Amit Bansal, Amit Mishra, and Puneet Bansal, 91Squarefeet builds physical retail outlets for brands to set up new stores.
“Our effort is to digitise 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 Bansal, who is also the chief executive officer (CEO) of 91Squarefeet.
Mishra added, “We are looking to engage deeply with our supplier base and are committed to removing growth bottlenecks for them with easy access to credit and raw materials.”
91Squarefeet said it has a network of over 600 contractors and factories and has developed over 700 stores to date, for more than 40 brands across over 230 cities. The company claimed it is building or refurbishing a retail store every 12th hour.
“Demand for organised 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 creates inefficiencies leading to a 20-25 percent higher cost of building a retail store along with several weeks of delay. 91Squarefeet’s tech-enabled platform solves this very pain point,” said Rahul Chowdhri, Partner at Stellaris Venture Partners.“We continue to be excited by 91Squarefeet due to the rapid expansion of organised retail happening in India and how they're using software to take the hassle out of building new stores,” said Y Combinator.