About 91Squarefeet
Founded by Amit Bansal (CEO | Co-Founder), Amit Mishra (Director | Co-Founder) and Puneet Bansal (Co-Founder | Product).
91Squarefeet, a prominent retail-focused startup supported by Y-Combinator, leverages technology to assist brands in their retail expansion efforts. Based in Gurgaon and established four years ago, our company boasts a team of over 200 employees, with additional regional offices in Mumbai and Bangalore. Throughout India, we have successfully constructed more than 1000 stores, catering to the needs of over 70 brands.
What Does 91Squarefeet Do?
91Squarefeet is revolutionising the process of physical retail expansion for significant brands by streamlining it to the utmost simplicity. Through their innovative project planning software and a meticulously curated marketplace of contractors in India, they have successfully completed the construction of more than 300 stores within the past nine months. Renowned brands such as Bridgestone, Westside, Chai Point, and more have benefited from their efficient services.
The process of constructing a retail store remains challenging in India due to the need for more organisation among suppliers specialising in retail fit-outs, including civil work, furniture, branding, and other related aspects.
At 91Squarefeet, they utilise advanced AI-driven technological systems to navigate the complexities of opening a retail store. With a diverse network of reliable and cost-effective suppliers spread across the country, they have a proven track record of saving both time and money for their clients.
Challenges
91Squarefeet operates under a flip structure, where the main entity is based in the US, and a wholly-owned subsidiary is established in India. They facilitate fund transfers through monthly Transfer Pricing invoicing to fulfil their financial obligations for payroll and business operations in India.
While moving intercompany transactions (cross-border payments), 91Squarefeet faced the following two challenges:
- Dealing with excessive communication, including numerous emails and phone calls from bankers.
- Endless negotiations on foreign exchange rates and resolution of purpose codes.
Solution
At Inkle, we understand the problems US-registered startups face when it comes to intercompany transactions between the parent entity in the US and its subsidiary based out of India.
We also engaged with Amit Mishra (Director | Co-Founder, 91Squarefeet) to share his insights on a flip structure. Keeping the above two points in mind, Inkle Transfer Pricing Payments was an absolute fit to bridge the gap between the above-mentioned challenges.
What is Inkle Transfer Pricing Payments?
With Inkle TP Payments, a US-based entity can quickly transfer funds to India against invoices with next-day settlements (T+1), transparent pricing, complete compliance, and dedicated chat support for assistance throughout the process.
Also, the funds never touch Inkle. We work with the world’s leading banks.
For enhanced clarity, we have developed an FX conversion calculator to assist you in determining the precise landing amount after accounting for foreign exchange conversion. Check it out here.
Results
How Did Inkle Transfer Pricing Payments Help 91Squarefeet?
- The dashboard lets you easily add your subsidiary accountant and configure customised permissions to ensure efficient and secure collaboration.
- Up-front, fixed, and aggressive FX rates guarantee transparency and clarity for founders, allowing them to know the exact amount they will receive.
- Pre-fixed purpose codes eliminate the need for Indian bankers to contact founders for disposal instructions.
- The platform provides Foreign Inward Remittance Advice (FIRA) within 24 hours of settlement, ensuring quick access to comprehensive transaction details.
“Inkle TP payments platform is a great value add for companies with flip structure with holding entity outside India and subsidiary in India with monthly TP invoicing. We have been using the platform for the last few months, and it saves at least INR 0.7-0.8 per USD transferred. The platform is super user friendly, and settlement gets done in a day without any hassle.”
Amit Mishra | Co-Founder, 91Squarefeet
In addition,
“We realised cross-border remittances between group companies for small startups is a critical but challenging function for thousands of startups in India. In most cases, the founders are confronted with extremely high forex rates, have no clue what will actually land in the destination bank account and do not know how to handle the accounting reconciliation and compliance. Inkle Transfer Pricing Payments helps US-India startups by enabling affordable, seamless and fully compliant payments. The funds (which never touch Inkle's accounts) move via the world's largest banks, and we ensure end-to-end safety and security of funds.”
Anand Krishna | Founder & CEO, Inkle
Inkle TP Payments vs Traditional Banks
The Impact
For multi-entity cross-border startups, we recognise your challenges in group intercompany transactions. Simplify your money transfers from the US to India with Inkle Transfer Pricing Payments, offering the following advantages that can revolutionise your operations:
- ✅ T+1 settlements: Experience fast transactions with funds delivered within one business day.
- ✅ Transparent pricing: Say goodbye to hidden fees and surprises. Enjoy fixed markups over mid-market and upfront rates for a transparent payment experience.
- ✅ 100% compliant: Inkle handles compliance requirements on both sides and ensures accounting reconciliation for seamless operations.
- ✅ Dedicated chat support: Receive personalised assistance whenever you need it. Benefit from dedicated support and intercompany consultations through our chat feature.
- 💪💸 Join us today and streamline intercompany transfers for your group companies. Click here to get started: https://lnkd.in/g53GsbzE 🚀🌐