Stellaris Venture Partners led a $10 million Series A round of funding for the construction technology company 91Squarefeet. Existing investors from the US-based Y-Combinator, Hong Kong-based Betatron Venture Group, and a few angel investors also took part in the round.
The Gurugram-based company will, among other things, use the recently injected funds to improve on-the-ground operations and advance the product.
Amit Bansal, Puneet Bansal, and Amit Mishra, established 91Squarefeet in 2019 and it is currently operated by Vonken Brandtech Pvt Ltd. 91Squarefeet began as an organiser of branding workshops before changing its focus to become a digital platform that brands could utilise to increase their retail presence.
The construction technology company plans to strengthen on-the-ground services and advance product development among other things with the recently collected money.
“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, said, according to Your Story.
At 91Squarefeet, they have advanced AI Driven Technological systems to navigate the myriad of possible challenges involved in opening a retail store; a diverse network of reliable and cost-effective suppliers spread across the country, and a proven track record to save you both time and money.
“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,” Rahul Chowdhri, Partner, Stellaris Venture Partners, said in a statement.
91Squarefeet mission is to Digitize the Retail Fitouts Supply Chain for various Brands looking for Offline Expansion across India.