Construction-tech startup 91Squarefeet raises $10M in Series A funding
- ByStartupStory | September 13, 2022
raised $10 million in its Series A funding round led by led by Stellaris Venture Partners. Existing investors – US-based Y-Combinator, Betatron Venture Group, a Hong Kong-based investment firm, and a few angel investors also participated in the round.
With the acquired fund, the company aims to boost the physical operations and further developments of the product, among future endeavors.
Vonken Brandtech Pvt Ltd operates 91Squarefeet, which was formed in 2019 by Amit, Puneet Bansal, and Amit Mishra, who were also co-founders of the logistics company Quifers. 91Squarefeet began as an aggregator of branding workshops before transitioning to a digital platform that brands could leverage to grow their retail presence.
The company presently has a network of over 600 manufacturers and contractors and claims to have established 700 outlets. 91Squarefeet has collaborated with Van Heusen, PepperFry, OYO, and more than 40 other companies.
91Squarefeet is open at a time when digital shopping is on the increase, but enterprises such as Nykaa and SUGAR Cosmetics are aiming to expand their physical presence.
Amit Bansal, Co-founder, and CEO, 91Squarefeet said in an interview, “We want to be able to cater to many more brands and help them set up stores, and create a platform with the lowest friction. Anyone should be able to come and get a transparent construction deal.”
“Demand for organized retail is growing, more so in Tier II and III 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% higher cost of building a retail store along with several weeks of delay,” said Rahul Chowdhri, Partner, Stellaris Venture Partners, in a statement.
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