PE Fund Investments
Cycle maker Ninety One raises Rs.225-Cr from A91 Partners, existing investors
Mumbai-based bicycle maker Ninety One has raised INR 225 crore in a Series A round of funding led by venture fund A91 Partners at close to INR 1,000 crore valuation. A91 Partners, founded by former Sequoia Capital executives, has invested INR 160 crore, while existing investors Fireside Ventures, Avaana Capital and Titan Capital have put in INR 65 crore. The company will use the funds to fuel its growth plans, which include setting up two manufacturing facilities in Gujarat and expanding into the European and North American markets. Founded in 2015 by brothers Sachin and Vishal Chopra, Ninety One claims to be an active lifestyle and sustainable mobility brand, with a retail network of over 1,000 stores across 500 cities and towns.
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