91Squarefeet, a construction tech startup that builds physical retail outlets for big brands, Tuesday announced that it has raised $10 million in its Series A funding round led by Stellaris Venture Partners.
The funding round also saw the participation of existing investors Y Combinator, Betatron and other prominent angel investors, the startup said in a statement.
The fund infusion will be used to strengthen 91Squarefeet’s on-ground service muscle, product development and deepen its engagement with its supplier network, the statement added.
Founded in 2019 by Amit Bansal, Amit Mishra and Puneet Bansal, 91Squarefeet’s mission is to enable brands to set up new stores at the click of a button. With a network of 600+ contractors and factories, 91Squarefeet claims to have developed over 700 stores to date for 40+ brands across 230+ cities.
“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% higher cost of building a retail store along with several weeks of delay. 91Squarefeet’s tech-enabled platform solves this very pain point, providing brands with a timely and cost-effective way of building their stores,” said Rahul Chowdhri, Partner, Stellaris Venture Partners.
INDIA DEAL MONITOR
Here are the prominent venture capital transactions in India announced from September 9-13, 2022.
