Ninety One, India’s fastest-growing active lifestyle and sustainable mobility brand, announced the successful completion of its Rs 2250 million Series A funding round on Wednesday, with Rs 1600 million from A91 Partners LLP and Rs 650 million from Fireside Ventures, Avaana Capital, and Titan Capital.
Ninety One, AlphaVector (India) Pvt Ltd’s make in India, make for the world brand, is now valued at Rs 1000 crores as a result of the capital investment. With 20,000+ bicycles sold every month and 1,000+ retail locations in 500+ cities, we are the largest bicycle retailer in the world.
Ninety One will invest the new funds in state-of-the-art production facilities in Gujarat, as well as expand its electric cycle offering and enter new markets throughout the world. A91 Partners’ VT Bharadwaj, Fireside Ventures’ Vinay Singh, and Avaana Capital’s Sandeep Singhal have all joined the Board of Directors as a result of the Series A fundraising.
Sachin Chopra, Co-Founder and CEO, Ninety One said, “We welcome A91 Partners along with Fireside, Avaana and Titan onboard our journey to create a world-class active lifestyle and sustainable mobility brand. 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 connection 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.”
Vishal Chopra, Co-Founder and Head of Digital, Ninety One said, “Our products resonate with the aspirations of India’s millennials and Gen-Z, and the funding will help us consolidate our presence in this space by enhancing our D2C connect with consumers across India. 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 (website and marketplaces) and offline channels. We will also be investing in our WYND social fitness app and Hub91 mobile based ERP.”
VT Bharadwaj, General Partner, A91 Partners LLC said, “We are excited to back Ninety One as a pioneering new age Indian active lifestyle brand that can truly deliver world-class products to global consumers. Ninety One has out-innovated competition in bicycles and electric cycles and emerged as a strong brand with deep distribution backed by solid manufacturing capabilities. We believe Sachin and Vishal will capitalize on this success in multiple categories and markets going ahead.”
