91Squarefeet Raises $10 Mn To Help Companies Build Retail Stores

SUMMARY

Existing investors Y Combinator, Betatron and some other angel investors have participated in the funding round

91Squarefeet will use the fresh capital to strengthen its services, product development and deepen supplier engagement

91Squarefeet claims to have a network of over 600 contractors and factories

Construction tech startup 91Squarefeet has raised $10 Mn in its Series A funding round led by Stellaris Venture Partners.

Existing investors Y Combinator, Betatron and some other angel investors have also participated in the funding round.

91Squarefeet will use the fresh capital to strengthen its services, product development and deepen supplier engagement.

“A majority of brands struggle to expand their offline presence. High dependence on small, unreliable suppliers often create inefficiencies leading to a 20-25% higher cost of building a retail store along with several weeks of delay. 91Squarefeet solves this pain point and providing brands a timely and cost-effective way of building their stores,” said Rahul Chowdhri, partner at Stellaris Venture Partners.

Founded in 2019 by Amit Bansal, Amit Mishra and Puneet Bansal, 91Squarefeet helps retail companies to set up their physical stores. In essence, it builds and refurbishes retail stores for different organisations.

The startup said that it aims to simplify physical retail stores by formulating an operating system for constructing as well as managing the stores.

“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, cofounder and CEO of 91Squarefeet.

91Squarefeet claims to have a network of more than 600 contractors and factories. It asserted that it has developed over 700 stores for over 40 brands to date, and has a presence in over 230 cities of India.

Further, the startup is looking to offer credit solutions and raw materials to the supplier base.

In India’s construction industry, it competes with the likes of Infra.Market, BuildNext, and Kolo, among others.

As per a report, the country’s construction sector, which is valued at $609.6 Bn in 2021, will expand at a CAGR of over 6% between 2023 and 2026.