Bicycle brand Ninety One, owned and operated by AlphaVector India Pvt Ltd, has raised $30 million (Rs 225 crore) in its Series A funding round from A91 Partners LLP, Fireside Ventures, Avaana Capital and Titan Capital, the company said in a statement on Wednesday.
A91 Partners alone invested Rs 160 crore, while the balance Rs 65 crore was invested by Fireside Ventures, Avaana Capital and Titan Capital together, the statement said.
The latest fundraise has valued the Ninety One at approximately Rs 1,000 crore ($132 million).The transaction also led A91 Partners’ VT Bharadwaj, Fireside Venture’s Vinay Singh and Avaana Capitla’s Sandeep Singhal on Ninety One’s Board as directors, the statement 0said.
In August, VCCircle had reported that A91 Partners was in advanced discussions to invest in the homegrown cycle brand Outdoors91 (Ninety One, previously also known as Frog).
Ninety One will use the new funding to invest in its manufacturing facilities in Gujarat. The company said it will also build its electric cycles portfolio and will look to expand into global markets. Ninety One claims sell more than 20,000 bicycles a month and said that the brand has over 1,000 retail points in more than 500 cities. The company also claims to have about one million unique views on its website.
“At Ninety One, our focus has always been on disrupting the bicycle and electric cycles category through engineering led product innovation and a deep brand connect with our consumers. The current funding round will help us catalyse growth multi-fold as we use the capital to deepen our supply chain, strengthen our distribution channels and build our brand story,” said Sachin Chopra, Co-founder, Chief Executive Officer, Ninety One.
Founded in 2015, Ninety One claims to have delivered over five-fold MRR (monthly recurring revenue) growth. The company said that over 80% of its sales come from the ‘men’s’ category. Ninety One said that the company is working on developing its research and engineering on the ‘kids’ and ‘women’ categories and aims to clock 50% of sales through these categories over the next two years.
“We will invest in our omni-channel capabilities by making it seamless for our consumers to discover, consider and purchase Ninety One products across our digital and offline channels. We will also be investing in our WYND social fitness app and Hub91 mobile based ERP(enterprise resource planning app),” said Vishal Chopra, Co-founder, head of digital, Ninety One.