New Delhi, 13th October 2020: 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 further encouraged Indians to find alternate ways of commuting, exercising and entertainment, adding to the rising demand of bicycles in India. AlphaVector is currently witnessing a 15% demand-fill rate; plans to meet its target of 300CR ARR (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, Alpha Vector, 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-19 has brought to the forefront issues related to health, fitness and the environment catalyzing the demand for bicycles across the world. 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.
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.