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Venture Garage portfolio company- 91Squarefeet raises Series A of $10 million led by Stellaris, in 9 months of raising pre-seed from VG-Angels.
13th September 2022: Gurugram based 91Squarefeet, a retail store development (Construction tech) company raises $10 million in a Series A round led by Stellaris Venture Partners. Other investors include Y Combinator, Betatron Venture Group and angels. Venture Garage is both an investor and the financial advisor to 91Squarefeet through their fund raises.
Amit Bansal, Amit Mishra, and Puneet Bansal founded 91Squarefeet in 2018 to help brands open new physical stores. The funds will be used by 91Squarefeet to strengthen its on-the-ground service and product development teams, as well as to deepen its engagement with its supplier network.
“91Squarefeet digitizes the supply chain around retail projects, reduces friction in collaboration and information exchange amongst stakeholders. In India, there is no direct competition for the startup as of now and that it competes with unorganized contractors and agencies as well as pits against a few big names in certain segments,”
said Amit Bansal, chief executive, 91Squarefeet
“Venture Garage began its journey with 91Squarefeet in mid-2021 and assisted the startup in raising a $1 million pre-seed round from VG-Angels, Omphalos Ventures India, Nikhil Vora of Sixth Sense Ventures, actor Rannvijay Singh Singha, and others.
The business was also chosen for the W22 cohort of Y-Combinator. This helped our efforts to raise further capital as financial advisors. With the help of this round, 91Squarefeet is poised to grow significantly over the next several months, and we are thrilled to work with the team as they change the way offline retail outlets are built,”
said Vineet Sagar, Managing Partner, Venture Garage.
In the nine months since its last funding round, the startup has expanded to 700+ stores from 500 and 40 brands from 20 across over 230 cities. Currently, the company works with over 600 contractors and factories. Bridgestone, Yokohama, DHL, Tata, Chaipoint, Ceat and Pepperfry are some of the clients of 91Squarefeet, which is now planning to deepen its presence in markets it already operates.
Without sharing the exact figures, Amit said that the southern market rakes in the most revenues for the startup, followed by the Western markets of Gujarat and Maharashtra.
“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. 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.
Previous Funding Round of 91Squarefeet, Read full news here: https://venturegarage.in//91squarefeet-raises-money/
This story was originally published at https://www.vccircle.com/91squarefeetbags-10-mn-in-series-a-round
D L Narayanan Venture Partner Narayanan is a professionally qualified Chartered, Cost and Management Accountant. He has 30+ years of rich corporate experience of which 21 years in the Gulf exclusively in mid market retail formats (Clothing, Footwear, Home, Fashion, Lifestyle Products & Casual wear, …
Jayesh Matani Venture Partner Consultant | Investor | Entrepreneur | Startup Mentor Have over 24+ years of experience in Engineering domain and Finance Consultant. As a financial consultant he guides aspiring individuals to make better investment decisions using a planned approach for wealth creation. Work …
Shahnawaz Karim
Venture Partner
Supporting businesses become brands – Brand & Digital Marketing | Passionate for Startups
Have over 15 years of marketing & branding experience having worked in various roles in India & Canada. He is a meticulous marketer, astute executor, and polished professional who completes tasks in a timely manner. He has a deep interest in startups and the startup ecosystem as he is a founder himself in multiple companies
Work Experience:
Worked with Airtel and headed marketing for global business. Launched apps like airtel talk and more. Lead the Brand & digital for Spectra (www.spectra.co). Did the complete rebranding from Spectranet to Spectra. Worked with a startup – (www.nimbuzz.com) Naspers group company. Grew user base from 2 million to 250 million before it getting acquired by a telco.
Sold his event company to Nokia.
Educational Background:
He is an alumni of University of Canada West and Delhi University. Did his Masters in MBA, Entrepreneurship/Entrepreneurial Studies.
Vikas Nahar, Founder Happilo and VG- Angels back The Health Factory – “Bread Badlo, Aadat Nahi” Funds acquired to be used to build out a stellar team, expand geographies and scale up operations and manufacturing. Mumbai, 13 August 2022: The Health Factory, a pioneering Mumbai-based …
Sector Enterprise Tech | Logistics | Supply Chain Website www.enjoyrio.in Location Pune Stage Growth write to vk@65.2.183.56 to invest in this startup or fill the details below
Tony Lloyd
With over 40yrs of rich finance experience, Tony is associated with Venture Garage as Venture Partner
Have over 40 years of global finance experience having worked in various senior finance and commercial roles in UK, US, Mexico and India. Since 2018 he has been a full-time consultant based in the UK providing short term outsourced finance related services , to both companies and VC/PE firms including:
Work Experience: After qualifying as a UK chartered accountant in 1985, he spent in total 6 years at the London office of global accountants Arthur Andersen working on a range of global assignments. His main client for 4 of those years was WPP Group plc, which through a series of acquisitions grew to be the world’s largest advertising group. This included the acquisition of J. Walter Thompson in 1987 in the first contested public take over in the advertising market.
Upon leaving Arthur Andersen he then spent 6 more years at the head office of WPP working in various finance roles, including the overview of the EMEA design division.
For the next 20+ years he has worked globally as a full time and part time consultant for several venture capital and private equity firms, as well as acting as the Chief Financial Officer for a range of private companies from “start-ups” to more established companies.
This has included assisting companies in various aspects of their international expansion, (e.g., supervision of finance function, market penetration, financial strategy and planning, debt and equity fundraising, mergers and acquisitions etc.) From 2010 to 2016 he was Group CFO for a global payroll company, Safeguard World International Ltd. During his tenure revenue increased from $2m to $50m+. During this period he worked closely with the Board and professional advisors on all aspects of the group’s financial and tax planning, including the formation of subsidiaries, setting up the global finance function and negotiating various bank and debt credit lines.
From 2013 to 2016 he was primarily based in Mexico City setting up the Safeguard Latin America operation, but in late 2016 after finalising a new $25m 5 year loan, he moved to a new Business Development role with Safeguard in India to set up the Indian/APAC sales and marketing operation.
Based in Mumbai within a year ,he established the Indian/APAC sales channel structure working with a number of new high profile partners including the ex-CEO of Oracle India, Birlasoft, SAP and Workday. This led to sales opportunities of over $50m.
Educational Background: He is an alumni of University of Liverpool. Did his Bachelor in commerce, accounting and finance.
Founded by Delhi based Kush Aggarwal & Samarth Bhalwar, both of whom have been managing a healthcare institutes for the last 3+ years, Voiceoc has raised an angel round from United States based accelerator Expert Dojo & prolific angel Kishore Ganji from Astir Ventures. Voiceoc …