New Delhi, Mumbai, 05 February 2020: Avaana Capital, has infused fresh funds in AlphaVector, owner of India’s fastest growing bicycle brand – Frog. Rohit Bansal and Kunal Bahl as part of Titan Capital have also invested as part of this round.
Frog is focusing on innovations to improve the bicycling experience for everyone. It has many firsts to itself as India’s first “3.0 High-Stability Tyres” cycle, the first “Magnesium Light-Weight” cycle, and the first “Belt Drive No-Hassle Chain-Free” cycle. Frog is also trying to disrupt the buying experience for its customers, from retail to its after-sales service support.
Frog already has a formidable retail presence in over 250 cities across 600+ retail points. It has previously raised funds from Fireside Ventures. It will use the funds from Avaana and Titan to expand its product offerings to cater to the growing Indian-middle-class and to launch electric bicycles. The company also plans to invest in a state-of-the-art manufacturing facility with a capacity of 1 million cycles per year under the “Make in India” program. AlphaVector will look to raise additional $8-10 million in the near future to support its growth plans and become the most preferred bicycle brand for its target segment.
Sachin Chopra, CEO & Founder, AlphaVector, said “We look forward to partner with Avaana Capital & Titan Capital as we continue to scale our business in the country. 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 focused on launching innovative yet affordable products that speak to and resonate with India’s young demographic and give them access to an aspirational brand. We are the only company with a tech-enabled omnichannel presence that provides a seamless shopping experience and after-sales support for our customers.”
Commenting on the investment, Anjali Bansal, Founder, Avaana Capital, said “New India wants high-quality products that feel comfortable and aspirational. The largest market demand would be around the blending of aspiration and affordability. 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.”
Avaana Capital was founded in early 2018, and provides capital and support to innovative businesses that provide financial inclusion, access to affordable goods and services, and market linkages to “Middle India”. The Fund believes that investing in and helping scale such businesses creates attractive returns, as well as developmental impact.
Frog is the vision of Sachin Chopra, a Purdue EE graduate and Wharton MBA, who turned entrepreneur in 2015 after having designed microprocessors in Silicon Valley and investing as part of marquee PE funds in the US and India.