Interior designing may be the more popular word. Building commercial spaces has become important in post-COVID-19 times. However, the segment remains unorganized.
91Squarefeet grabbed the opportunity to become an organized player in the retail building sector. Founder Amit Bansal along with co-founders Puneet Bansal & Amit Mishra observed that the industry is unorganized which would affect its functioning.
91Squarefeet provides end-to-end solutions
The company has created a managed marketplace where contractors are organized and equipped with project planning software. The start-up provides brands with smooth end-to-end retail fit-out solutions, from conceptualization to completion.
With their AI-powered project management tool, brands can upload their retail furnishing parts without hassle. As the fitting parts area is unorganized, building retail space is growing increasingly challenging. At 91Squarefeet, brands can plan out the execution themselves. The process becomes smooth as each component reaches the right vendor when the user uploads it on the tool. This also speeds up the process. The tool also keeps the brand updated with its progress report. The company has made it possible for the brands to start a brick-and-mortar store with one click.
Organized retail sector to grow manifold
In a nation where organized brick-and-mortar retailing has grown ten times since 2012 and is now a $100 billion market, this is a concern. Organized retail might quadruple by 2025 as Tier 2 markets make sense of premium goods and services.
Amit Bansal is the Chief Executive Officer. He takes care of overall growth, operations, and stakeholder management. While Amit Mishra is the Chief Finance & Strategy Officer and Puneet Bansal is the Chief Product Officer who handles technological innovations here.
The start-up, which raised $1 million in September 2021, is expanding at a rate of 20% month over month and is collaborating on retail development plans with over 30 prestigious companies, such as Aditya Birla Fashion and Retail, Himalaya, Reliance, and Tata.
91Squarefeet opens more locations
It is opening over 50 locations each month and has built 700 stores in India so far for over 30 brands. Currently, the startup employs 80 people.
91Squarefeet is a part of the W-22 batch of the current YCombinator. Investors such as VG-Angels, on-screen talent Rannvijay Singh Singha, Omphalos Ventures India, and Nikhil Vora of Sixth Sense Ventures contributed $1 million to it in September 2021. It also belongs to the portfolio of companies owned by Venture Garage.
The retail shop development startup’s target market is large companies looking to increase their offline retail.