Stellaris Venture Partners led a $ 10mn Series A round for construction -tech business 91 Squarefeet. Existing investors such as Y-Combinator in the United State, Betatron Venture Group in Hong Kong, and a few angel investors also participated in the round.
The newly infused funds will be utilised by the Gurugram-based firm to boost on-the-ground operations and further develop the products among other things.
91Squarefeet, which is run by Vonken Brandtech Pvt Ltd was formed in 2019 by Amit, Puneet Bansal and Amit Mishra who were also co-founders of logistics firm Quifers. 91 Squarefeet began as an aggregator of branding workshops before evolving into a digital platform that the firm could utilise to extend retail presence.
The company claims to have created 700 stores and has a network of over 600 factories and contractors. 91Squarefeet has collaborated with clothing brand Van Heusen omnichannel furniture player Pepperfry, and OYO among others.
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 the massive opportunity. High dependence on small, unreliable suppliers often creates inefficiencies leading to a 20-25% higher cost of buildings a retail store along with several weeks of delay
Rahul Chowdhari, Partner, Stellaris Venture Partners mentioned, that demand for organised retail is increasing particularly in Tier II and Tier III cities. The bulk of brands, however, struggle to increase their offline presence and capitalise on the tremendous opportunity. High reliance on small, unreliable suppliers frequently creates inefficiencies, resulting in a 20-25% increase in the cost of creating in retail as well as several weeks of delay.
91Squarefeet is open at a time when online transactions are on the rise but firms such as Nykaa and Sugar Cosmetics are aiming to expand their physical presence. 91Springboard indirectly competes with other unorganized builders.
