AlphaVector clocks in 2.5x MRR growth, encourages millennials to reclaim the outdoors
AlphaVector has witnessed a 2.5x growth in its monthly revenue rate (MRR) in the last six months, March – September 2020. This unprecedented growth further solidifies its vision to introduce millennials and Gen-Z to the cycling culture by encouraging them to reclaim the outdoors.
The startup’s focus on innovation and consumer centricity has made AlphaVector a trendy brand with stylish and yet comfortable performance-oriented bikes. It believes that the pandemic has further encoraged Indians to find alternate ways of commuting, exercising and entertainment, adding to the rising demand of bicycles in India. The company is currently witnessing a 15 per cent demand-fill rate. It plans to meet its target of 300 crore annual revenue rate next year by ramming up supplies over the next few months.
Sachin Chopra, Founder and CEO, said India is one of the largest producers of bicycles in the world but lacks innovation and customer-centricity. “Infrastructure challenges nowithstanding, India has more conducive days per year for cycling as compared to Europe and the US. COVID has brought to the forefront issues related to health, fitness and the environment catalyzing the demand for bicycles across the world,” Chopra said. “At AlphaVector, we see the potential that cycling as a culture holds for Indians and believe that adopting it can bring about a positive change in our otherwise sedentary lifestyles.” Chopra pointed out that urban mobility, fitness and a drive towards an active outdoors lifestyle will underline the strong growth in the bicycle market for years to come. He said the tech-enabled innovation of D2C coupled with the inherent resilience of a countrywide offline retail network gives AlphaVector an opportunity like none other to create a scale outdoors lifestyle brand for Millennials and Gen-Z.
The company’s unique omnichannel business model which combines direct-to-consumer innovations and a resilient countrywide offline network makes it scalable like none other. Every online purchase is mapped to a dealer offline through AlphaVector’s CARES program ensuring the customer had the satisfaction of guaranteed assembly/service and a delightful riding experience during the lifetime of owning the bike. The startup is focused on making every bike ride better than the last and their motto is to pedal the extra mile for each of their riders. In a massive cycle industry, where 20 million bicycles are sold every year, the category is still stagnant with minimal innovation; majorly seen as a transportation, mobility solution.