Retail store development company 91Squarefeet has raised a new round led by Stellaris Venture Partners. This would be the second fundraise for the Gurugram-based firm in 2022 which claims to set up 400 retail stores in FY22.
The board at 91Squarefeet has passed a special resolution to issue 3,582 compulsory convertible preference shares at an issue price of Rs 1,00,000 each to raise Rs 35.82 crore or $4.5 million, Vonken Brandtech’s regulatory filings with the Registrar of Companies (RoC) show.
It’s worth noting that 91Squarefeet is incorporated in the US but Vonken Brandtech is a domestic entity which manages Indian operations.
91Squarefeet enables retailers to set up new retail stores and maintain existing ones without an in-house projects team. The company has delivered 700 projects for over 40 retailers including Reliance Retail and Tata Group.
As per Fintrackr’s estimates, 91Squarefeet has been valued at Rs 242 crore or $30.5 million after the allotment of the fresh round. The company may raise more money in this round and its valuation would change accordingly.
In January this year, the company had raised $1 million in a pre-seed funding round from Omphalos Ventures, Nikhil Vora and others. It was also a part of the famed Y-Combinator winter 2022 cohort.
91Squarefeet claims a network of 700 suppliers across spectilations such as retail fitouts, branding and civil work in 180 cities. The company has set a target to work on over 2000 stores in the ongoing fiscal year (FY23) and aspires to develop 20% retail expansion in major markets.