A retail store development company, 91 Squarefeet, announced that it would work on more than 2000 outlets in FY23 and aspires to meet 20% retail expansion spending in key markets in the next five years.
Founded in 2019 by Amit Bansal, Amit Mishra and Puneet Bansal, 91Squarefeet aims to enable brands to set up new stores at the click of a button. With a network of over 600 contractors and factories, 91Squarefeet has developed over 700 stores till date for over 40 brands across more than 230 cities, claims the company. The company is building or refurbishing a retail store every 12th hour at 3 times better on-time store delivery compared to industry benchmarks, added the company.
The Gurgaon-based startup develops a common retail expansion playbook for brands aiming to expand their global reach. Brands may upload all the retail fit-out components for their store templates using an AI-driven project management platform. The company worked on 400 stores last year and has more than twenty clients, including Tata, the Aditya Birla Group, and Reliance Retail.
The startup that builds physical retail outlets for big brands, has raised $10 million in Series A. This round was led by Stellaris Venture Partners, with participation from existing investors Y Combinator and Betatron and other angel investors.
The fund infusion will be used to strengthen 91Squarefeet’s on-ground service muscle, product development and deepen its engagement with its supplier network, said a statement.
‘Our effort is to digitize the supply chain around retail projects, reduce friction in collaboration and information exchange amongst project stakeholders, and create a transparent platform that retail brands can rely upon.said Amit Bansal, Co-Founder and CEO, 91Squarefeet
Demand for organized 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 create inefficiencies leading to a 20-25 per cent 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 a timely and cost-effective way of building their stores. We believe that the founding team has an in-depth understanding of the market and are building the right set of technology tools to solve these execution-heavy challenges.said Rahul Chowdhri, Partner, Stellaris Venture Partners.
“We help save up to 8% on the retailers’ annual project budget on expansion. Eventually, we are planning on building an operating system for physical retail. Product will evolve towards an operating system for physical retail and will be committed to solving issues of the sector,” said Amit Bansal.
Increasing offline footprints is considered an extremely difficult task because more than 98% of India’s retail fit-out business is unorganised. There isn’t a set procedure for starting and expanding offline retail establishments right now. It takes a lot of work to open a physical retail store, and most of the time, those launches are postponed, directly increasing costs.
According to the company, while brands know the value of bolstering their physical presence to increase visibility and build trust, creating a retail shop frequently results in numerous delays, quality issues, and ultimately 10–25% of Capex leakage.
Our tech-enabled system ensures more than 45 quality checks, maps the right job to the right fit supplier and ensures real-time progress tracking. The entire process is now helping the brands to get 20-25% faster turnaround time.adds Amit
The company, part of the current Y-Combinator W-22 batch, raised $1 million in September last year.