Construction Tech Startup 91 Square Feet Raises 10 M In Series A Round

Stellaris Venture Partners led a $10 million Series A round for construction-tech business 91Squarefeet. Existing investors such as Y-Combinator in the United States, Betatron Venture Group in Hong Kong, and a few angel investors also participated in the round.

The newly infused funds will be utilized by the Gurugram-based firm to boost on-the-ground operations and further develop the product, 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 firms could utilize to extend their 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 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,

Rahul Chowdhury, Partner, Stellaris Venture Partners mentioned, demand for organized retail is increasing, particularly in Tier II and III cities. The bulk of brands, however, struggle to increase their offline presence and capitalize on this tremendous opportunity. High reliance on small, unreliable suppliers frequently creates inefficiencies, resulting in a 20-25% increase in the cost of creating a retail store, as well as several weeks of delay.

91 Squarefeet 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. 91 Springboard indirectly competes with other unorganized builders.