Frog, a bicycle brand owned by Mumbai-based AlphaVector, announced that it has raised fresh funds from Avaana Capital. Rohit Bansal and Kunal Bahl as part of Titan Capital have also participated in the fresh funding round.
Frog is focusing on innovations to improve the bicycling experience for everyone. The company is also trying to disrupt the buying experience for its customers, from retail to its after-sales service support.
Earlier, Frog had raised funds from Fireside Ventures. The company will utilize the current funding to expand its product offerings and to launch electric bicycles. The company also plans to invest in a manufacturing facility with a capacity of one million cycles per year under the “Make in India” programme.
Sachin Chopra, CEO & Founder, AlphaVector, said in a statement, “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.”
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.”
AlphaVector has plans to raise an additional $8-10 million in the near future to support its growth plans and become the most preferred bicycle brand for its target segment, as per a media report.
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