AlphaVector, which owns bicycle brand Frog, has now secured an undisclosed amount in the fresh funding round from a mid-market private equity firm Avaana Capital, with participation from the Titan Capital.
The startup, which had previously secured funds from the Fireside Ventures, will now be going to use the funding to expand its product offerings to cater to the growing Indian middle class and to launch electric bicycles.
The company also, as of now, has 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.
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.”