Active lifestyle and sustainable mobility startup Ninety One has raised USD 30 million (about Rs 225 crore) from A91 Partners, Avaana Capital, Titan Capital and others. Of the total fund infused, A91 Partners pumped in Rs 160 crore and the rest has been contributed by Fireside Ventures, Avaana Capital and Titan Capital, the city-based startup said in a statement on Wednesday.
Following the latest series A funding round, Ninety One is now valued at Rs 1,000 crore, the startup claimed and added that the new capital will be used for strategic investment into manufacturing, brand building and exports. Ninety One claims to sell over 20,000 bicycles per month, and is present across 1,000 retail points in 500 cities. The startup said it will invest the money to set up a bicycle manufacturing unit in Gujarat, scale up the electric cycle portfolio and go overseas.
Post the funding round, A91 Partners’ VT Bharadwaj, Fireside Venture’s Vinay Singh and Avaana Capital’s Sandeep Singhal have joined the board, Sachin Chopra, Co-founder and Chief Executive and Vishal Chopra, Co-founder and Head of Digital of Ninety One, said. Founded in 2015, Ninety One has launched a range of innovative yet affordable products that resonate with the youth.