AlphaVector, a homegrown startup championing the cause of Cycling and Active Lifestyle in India, has witnessed a 2.5x growth in its Monthly Revenue Rate (MRR) in the last 6 months (March – September 2020). This unprecedented growth further solidifies its vision to introduce millennials and Gen-Z to the cycling culture by encouraging them to reclaim the outdoors. The company’s focus on innovation and consumer centricity has made AlphaVector a trendy brand with stylish and yet comfortable performance-oriented bikes.
AlphaVector believes that the pandemic has helped in revenue growth & further encouraged Indians to find alternate ways of commuting, exercising, and entertainment, adding to the rising demand for bicycles in India. AlphaVector is currently witnessing a 15% demand-fill rate & plans to meet its target of 300CR annual revenue rate next year by ramping up supplies over the next few months.
AlphaVector’s unique omnichannel business model which combines D2C (direct-to-consumer) innovations and a resilient countrywide offline network makes the company scalable like none other. Every online purchase is mapped to a dealer offline through AlphaVector’s CARES program ensuring the customer has the satisfaction of guaranteed assembly/service and a delightful riding experience during the lifetime of owning the bike. AlphaVector is focused on making every bike ride better than the last and their motto is to pedal the extra mile for each of their riders.
Mr. Sachin Chopra, Founder & CEO, AlphaVector, said, “India is one of the largest producers of bicycles in the world but lacks innovation and customer-centricity. Infrastructure challenges notwithstanding, India has more conducive days per year for cycling as compared to Europe and the US. Covid has brought to the forefront issues related to health, fitness, and the environment catalyzing the demand for bicycles across the world. At AlphaVector, we see the potential that cycling as a culture holds for Indians and believe that adopting it can bring about a positive change in our otherwise sedentary lifestyles. Urban mobility, fitness, and a drive towards an active outdoors lifestyle will underline the strong growth in the bicycle market for years to come. The tech-enabled innovation of D2C coupled with the inherent resilience of a countrywide offline retail network gives AlphaVector an opportunity like none other to create a scale outdoors lifestyle brand for Millennials and Gen-Z.”
In a massive cycle industry, where 20 million bicycles are sold every year, the category is still stagnant with minimal innovation; majorly seen as a transportation/mobility solution. Alpha Vector is redefining the future of cycling in India by contributing to India’s overall quality of life. The company is bridging the gap by motivating Indians to step outside introducing them to an active lifestyle, beyond couches and digital screens.
Designed with world-class components, engineered for safety and endurance, and coupling style with comfort, AlphaVector today is present in 350+ cities across India. With a strong retail network of over 700 stores, AlphaVector offers hassle-free support across the country ensuring customer delight all through the journey of purchasing an AlphaVector bike to riding it for many years.
Founded in 2015 by Wharton grads, Sachin & Vishal Chopra, Alphavector aims to redefine the biking experience and introduce Indians to the cycling culture helping them reclaim the outdoors. Alphavector brings to you products that can help you connect with nature and meet the fitness and lifestyle aspiration of India’s youth. With a presence in over 350 cities and 700+ stores/dealers across India, Alphavector offers a range of bikes to help you achieve higher levels of performance and fun. AlphaVector raised a fresh round of funding from Avaana Capital, with participation from Titan Capital, a VC-arm run by Snapdeal founders. In a previous round, it raised funds from Fireside Ventures.