🇮🇳 Mobility firm bags $30m in series A money

Ninety One, an India-based lifestyle and mobility brand, has raised over 2.2 billion rupees (US$30 million) in a series A round led by A91 Partners. The fundraise, which values the firm at US$132 million, also saw participation from Fireside Ventures, Avaana Capital, and Titan Capital.

(From left) Ninety One co-founders Sachin Chopra and Vishal Chopra / Photo credit: Ninety One

Following the fundraise, A91 Partners general partner VT Bharadwaj, Fireside Ventures founding partner Vinay Singh, and Avaana Capital senior advisor Sandeep Singhal will join Ninety One’s board of directors.

Ninety One focuses on India’s millennial and Gen-Z population with a wide range of mobility products, including e-cycles, performance bikes, mountain bikes, and hybrid bikes. It sells more than 20,000 bikes every month through its omnichannel distribution network, with more than 80% of sales coming from its men’s category.

The company plans to expand its kids’ and women’s categories in the future and expects them to contribute up to 50% of its total sales over the next couple of years.

The startup was founded by Sachin Chopra and Vishal Chopra in 2015.

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It plans to use the fresh funds to invest in bolstering manufacturing capacities, broaden its e-bike portfolio, and expand into global markets.

Currency converted from Indian rupee to US dollar: US$1 = 75.51 rupees.