91Squarefeet raises $10M from Stellaris, others in Series A funding
The construction-tech firm will use the newly-raised funds to strengthen on-ground services and further product development, among other things.
Construction-tech firmraised $10 million in a Series A round led by Stellaris Venture Partners. Existing investors including US-based Y-Combinator, Betatron Venture Group, a Hong Kong-based investment firm, and a few angel investors also participated in the round.
The Gurugram-based firm will use the freshly infused capital to strengthen on-ground service and further develop the product, among other things.
"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," Amit Bansal, Co-founder and CEO, 91Squarefeet told YourStory in an interaction.
Run by Vonken Brandtech Pvt Ltd, 91Squarefeet was founded in 2019 by Amit, Puneet Bansal and Amit Mishra—who were also co-founders at logistics-focused startup Quifers. Initially started as an aggregator of branding workshops, 91Squarefeet pivoted to a digital platform that brands could use to expand their retail presence.
The firm currently has a network of over 600 factories and contractors, and claims to have developed 700 stores. 91Squarefeet has worked with clothing brand Van Heusen, omnichannel furniture player PepperFry, and OYO, among more than 40 other firms. "We have built across more than 230 cities. Even went to Andaman and Nicobar island," says Amit.
91Squarefeet is operating at a time when online purchases are booming but companies—including Nykaa and SUGAR Cosmetics—are looking to keep opening physical stores.
“Demand for organised 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.
91Squarefeet indirectly competes with Bengaluru-based unicorn Zetwerk and other unorganised builders.
(The story was updated to correct a typo.)
Edited by Kanishk Singh