Homegrown bicycle brand Frog’s parent company AlphaVector has raised an undisclosed amount from Avaana Capital and Titan Capital, which is an investment arm of Snapdeal’s cofounders Rohit Bansal and Kunal Bahl.
Founded in 2015 by Sachin Chopra, AlphaVector’s Frog is a range of bicycles that assures safety, durability, comfort, and style. The company offers cycles for men, women, and kids. Moreover, it also has a separate segment for character-based designs for the bikes with Superman and Batman designs.
With the new funding round, Frog plans to expand its product offerings and also launch an electric cycle. Moreover, AlphaVector plans to invest in a state-of-the-art manufacturing facility that will have the capacity to produce one million cycles annually. The initiative will be under the central government’s Make In India programme.
Anjali Bansal, founder, Avaana Capital, said that new India is in search of high-quality and comfortable cycling products, that are also affordable and aspirational. Alongside its offline channels, Frog Bikes also sells through its portal with free shipping. It also has a formidable retail presence in over 250 cities across 600+ retail points.
Sachin Chopra, CEO and founder at AlphaVector, said, “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.”
Chopra also highlighted that Frog is working on innovative solutions to improve the bicycling experience for everyone. The company also noted that it is 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.” With such innovations, AlphaVector aims to disrupt the buying experience for its customers, from retail to its after-sales service support.
AlphaVector said it will be looking to raise a further $8 Mn to $10 Mn in the near future to support its growth plans and become the preferred brand in the bicycle category. Previously, the company has raised funding from early-stage investor Fireside Ventures’ Fund I. Some other companies in Fireside Ventures’ portfolio were boAt audio, Mamaearth, Vahdam Teas, Design Café, and Yoga Bar.