Mumbai-based AlphaVector, which owns bicycle brand Frog, raised an undisclosed amount in a fresh round of funding from a mid-market private equity firm Avaana Capital, with participation from Titan Capital, a VC-arm run by Snapdeal founders Rohit Bansal and Kunal Bahl.
The company also plans to invest in a state-of-the-art manufacturing facility with a capacity of one million cycles per year under the “Make in India” programme. In a statement, AlphaVector also said that it will look to raise an additional $8-10 million in the near future to support its growth plans.
Frog is focusing on innovations to improve the bicycling experience for everyone. It has many firsts to itself as India’s first “3.0 High-Stability Tyres” cycle, the first “Magnesium Light-Weight” cycle, and the first “Belt Drive No-Hassle Chain-Free” cycle. Frog is also trying to disrupt the buying experience for its customers, from retail to its after-sales service support.
Frog already has a formidable retail presence in over 250 cities across 600+ retail points. It has previously raised funds from Fireside Ventures. It will use the funds from Avaana and Titan to expand its product offerings to cater to the growing Indian-middle-class and to launch electric bicycles. The company also plans to invest in a state-of-the-art manufacturing facility with a capacity of 1 million cycles per year under the “Make in India” program. AlphaVector will look to raise additional.
Sachin Chopra, CEO and Founder, AlphaVector, said, “India sells 20 million bicycles every year and yet the bicycle category has remained stagnant with minimal innovation and trifling brand connect with consumers. AlphaVector has focussed on launching innovative yet affordable products that speak to and resonate with India’s young demographic and gives them access to an aspirational brand.”
Anjali Bansal, Founder, Avaana Capital, added, “New India wants high-quality products that feel comfortable and aspirational. As the fastest growing aspirational brand with a singular focus on creating affordable, comfortable, and stylish products for this target segment, we expect AlphaVector’s Frog cycles to emerge as a major player.”
Frog already has a retail presence in more than 250 cities across 600+ retail points.
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