[Funding Alert] Cycle seller Ninety One raises close to $30M from A91 Partners, others
Cycle makerraised nearly $30 million (Rs 225 crore) in Series A round from A91 Partners, according to a release shared by the company. This round values the firm at about Rs 1,000 crore.
Existing investors including Fireside Ventures, early-stage investor Avaana Capital and Kunal Bahl's Titan Capital also participated in the round. The Mumbai-based firm will use the funds to establish manufacturing facilities in Gujarat, enter international markets and build out electric cycles portfolio.
Fireside Ventures' co-founder and partner Vinay Singh, VT Bharadwaj, general partner at A91 Partners, and Avaana Capital's Sandeep Singhal will join Ninety One as board of directors.
"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,” Sachin Chopra, co-Founder and CEO, Ninety One, said in a statement.
Founded in 2015 under AlphaVector (India) Pvt. Ltd. by Sachin Chopra, a former managing director of Everstone Capital, and his brother Vishal Chopra, Ninety One makes cycles, which the company claims are affordable and different from the ones available in the market.
The firm clams to be selling more than 20,000 bicycles every months and has a presence across over 1,000 retail points. Ninety One is also available in over 500 cities and has a monthly unique visitors on their website from India and international markets.
The firm currently competes with existing cycle makers including French sportswear and equipment seller Decathlon, and BSA Hercules, among others.