Active lifestyle and sustainable mobility brand, Ninety One, today announced raising of Series A funding of Rs 225 crore, which includes Rs 160 crore from A91 Partners LLP and Rs 65 crore from Fireside Ventures, Avaana Capital and Titan Capital.
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.
Ninety One will use the new funding of $30 million to invest in manufacturing facilities in Gujarat, build its electric cycles 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.
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