Sustainable mobility startup Ninety One raises $30 million in its Series A round of funding
Active lifestyle and sustainable mobility brand, Ninety One, recently announced that it has raised a consolidated sum of INR 225 crore ($30 million approximately) through its Series A round of funding. Out of the total money raised Rs 160 crore was invested by A91 Partners LLP and Rs 65 crore came from Fireside Ventures, Avaana Capital and Titan Capital.
Ninety One will utilize the fresh funding of $30 million to invest in manufacturing facilities in Gujarat, build its electric cycle’s portfolio and expand into global markets. The Series A funding also sees A91 Partners’ VT Bharadwaj, Fireside Venture’s Vinay Singh and Avaana Capital’s Sandeep Singhal join the Board of Directors.
Following the capital injection, Ninety One, from AlphaVector (India), is now valued at Rs 1000 crore. It has over 20,000 bicycles sales per month, presence across 1,000 retail points in over 500 cities and a million monthly unique visitors to its site www.outdoors91.com.
“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 and CEO, Ninety One.
Founded in 2015, Ninety One has delivered over 5 X MRR growths while addressing only 50% of its target audience market. Currently, Ninety One sells 20,000+ bikes per month across its omni channel distribution network with 80%+ of its sales coming from the men category.
Expressing his views on the recent round of investment, VT Bharadwaj, General Partner, A91 Partners LLC stated, “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.”
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