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Updated on: Wednesday, December 22, 2021, 05:14 PM IST

Ninety One closes Series A funding with Rs 2,250 mn; valuation up at Rs 1,000 cr

(L-R) Sachin Chopra, Co-Founder & CEO with Vishal Chopra, Co-Founder and Digital Head at Alpha Vector (Ninety One)_03 | Ninety One

(L-R) Sachin Chopra, Co-Founder & CEO with Vishal Chopra, Co-Founder and Digital Head at Alpha Vector (Ninety One)_03 | Ninety One

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Lifestyle and sustainable mobility brand, Ninety One, today announced the successful completion of its Series A funding of Rs 2,250 million, which includes Rs 1,600 million from A91 Partners LLP and Rs 650 million from Fireside Ventures, Avaana Capital and Titan Capital.

Following the capital injection, Ninety One is now valued at Rs 1,000 crores.

Ninety One will use the new funding of $30 million to invest in state-of-the-art manufacturing facilities in Gujarat, build out 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.

Sachin Chopra, Co-Founder and CEO, Ninety One said, “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, “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 believe Sachin and Vishal will capitalize on this success in multiple categories and markets going ahead.”

Founded in 2015, Ninety One has delivered over 5X MRR growth while addressing only 50 perent of its target audience market, it said in a press statement. Currently, Ninety One sells 20,000+ bikes per month across its omni channel distribution network with 80 percent+ of its sales coming from the men category. As, Ninety One increases its research and engineering focus on the kids and women category through innovative product launches, it expects these categories to contribute 50 percent of its sales over the next two years.

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Published on: Wednesday, December 22, 2021, 05:14 PM IST
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