What Ninety One does

Ninety One is an Indian active-lifestyle and sustainable mobility company, owned and operated by Alphavector (India) Private Limited (CIN: U51909GJ1987PTC009908), headquartered in Ahmedabad, Gujarat, with operational offices in Mumbai. Founded circa 2015-2016, the company manufactures and sells a diversified consumer hardware portfolio spanning non-geared and geared bicycles (mountain, all-terrain, hybrid, road, fat tire, and kids categories), electrically assisted cycles (Meraki, ViperX, RaptorX, PowerX, NeoX lines) powered by 250W BLDC hub motors with detachable lithium-ion batteries offering 35-55+ km range, electric scooters (VX2, NX1, Meraki Premium) with 60V battery systems, and home fitness equipment under the Durafit91 sub-brand including treadmills, ellipticals, and spin bikes. Additional revenue lines include bicycle accessories, bags/backpacks, and children's electric ride-on toys. The company also distributes premium Italian Bianchi road bicycles under a licensing arrangement.

The business operates a hybrid go-to-market model: direct-to-consumer e-commerce through outdoors91.com, an authorized dealer network across 600+ cities in India, and marketplace listings on Amazon India and Flipkart. Revenue is generated through unit-priced hardware sales ranging from ₹279 accessories to ₹3.75 lakh Bianchi road bikes, supplemented by monetized service offerings (91Wiz virtual technician support from ₹149, 91 Cares doorstep assembly from ₹599). Customer acquisition leverages bank-partner EMI programs (HDFC 5% discount), a 91 Adventures content blog, social media presence, and customer-review-driven trust signals (4.7/5 rating across 124,078 reviews). The company has served 3 million+ customers cumulatively and operates 3+ lakh sq. ft. of in-house manufacturing in Gujarat. Stated strategic intent following the December 2021 $30M Series A (led by A91 Partners with Fireside Ventures, Avaana Capital, and Titan Capital) includes international expansion into Europe and North America, new manufacturing capacity, and brand investment.

Name

Ninety One

Legal name

Alphavector (India) Private Limited

Website

https://outdoors91.com

Company type

Private

Founded year

2016

Operating status

Operating

Headcount range

51–100 employees

Short description

Ninety One is an Indian consumer mobility and fitness hardware brand (owned by Alphavector India Pvt. Ltd.) that designs, manufactures, and sells bicycles, electric cycles, electric scooters, treadmills, ellipticals, and spin bikes directly via outdoors91.com and through a 600+ city dealer network serving mass-market Indian consumers.

Ownership category

akta.pro rank

Headquarters

HQ city

Mumbai

HQ country

India

HQ region

Asia

Offices4 records

Markets served

GTM type

B2C

Offering type

Hardware or Manufacturing

Cost components

Supply Chain, Operations, Marketing or Sales, Personnel, Technology or R&D, Infrastructure

Revenue model

1. Bicycle Sales: Sale of non-geared and geared bicycles across multiple categories including mountain bikes, all-terrain bikes, hybrid bikes, road bikes, fat tire bikes, and kids bikes. Prices range from ₹4,000 to ₹50,000+
2. Electric Cycle Sales: Sale of electric bicycles including Meraki, ViperX, RaptorX, PowerX, NeoX, ZX NE models with prices ranging from ₹29,999 to ₹53,729
3. Electric Scooter Sales: Sale of electric scooters including VX2, NX1, NX1Plus, RX1, and Meraki Premium with prices starting from ₹77,249
4. Fitness Equipment Sales: Sale of treadmills, ellipticals, and spin bikes under Durafit91 brand. Treadmill prices range from ₹11,759 to ₹99,999 with EMI options
5. Accessories Sales: Sale of bicycle accessories including helmets, lights, locks, pumps, gloves, cycling apparel, bags, and backpacks
6. Assembly and Service: Doorstep assembly and service support through 91Wiz program with starting prices of ₹599 for assembly and ₹149 for virtual support

Pricing tiers

Go-to-market motion2 records

Distribution channels5 records

Marketing channels7 records

Core offering

Ninety One designs, manufactures, and sells bicycles, electric cycles, electric scooters, and home fitness equipment (treadmills, ellipticals, spin bikes) under its own brand and the Durafit91 sub-brand, supplemented by Bianchi-licensed premium road bikes, electric ride-on toys for kids, and branded cycling accessories and bags. Products are sold primarily through its own e-commerce platform outdoors91.com, a dealer network across 600+ Indian cities, and Amazon and Flipkart marketplaces, with doorstep assembly and after-sales service support.

Product overview

Ninety One is an Indian active lifestyle and mobility company owned by Alphavector (India) Private Limited, operating a comprehensive e-commerce platform (outdoors91.com) with state-of-the-art manufacturing facilities spanning over 3 lac+ sq. ft. in Gujarat. The company produces and sells a diversified portfolio including: (1) Bicycles across multiple categories for men, women, and children (MTB, ATB, FTB, Hybrid, Road, Kids) with brands like Drago, Hydra X, Wolverine, and licensed premium Bianchi; (2) Electric mobility products including Electric Cycles (E-Bikes) with 250W BLDC motors and 35-55+ km range (Meraki, ViperX, RaptorX), and Electric Scooters with 60V batteries (VX2, NX1, Meraki Premium); (3) Fitness equipment under Durafit91 sub-brand including Treadmills (1-14 km/hr, 120-150 kg capacity), Ellipticals, and Spin Bikes; (4) Electric Ride-On Toys for children; and (5) Accessories including branded bicycle accessories (helmets, lights, locks) and Bags & Backpacks. The company also offers service offerings including 91Wiz virtual technician support and 91 Cares doorstep assembly. Products are sold directly via the e-commerce platform and through Amazon and Flipkart marketplaces, with service coverage across 600+ cities in India.

Differentiator

Problem solved

Functional benefit

Products and services

• Bicycles (Men, Women, Kids) Non-geared and geared bicycles for men, women, boys, and girls across Mountain Bikes (MTB), All Terrain Bikes (ATB), Fat Tire Bikes (FTB), Hybrid Bikes (CITY), Road Bikes (ROAD), and Kids Bikes (KIDS) categories, with wheel sizes from 14T to 29T and price points from entry-level to premium.
• Electric Cycles (E-Bikes) Electrically assisted bicycles featuring 250W BLDC rear hub motors, detachable lithium-ion batteries (7.8Ah-13.5Ah), PAS and throttle modes with ranges of 35-55+ km, priced ₹29,999 to ₹53,729.
• Electric Scooters Electric scooters powered by BLDC 27H motors with 60V 30Ah lithium-ion batteries, LED speedometers, and digital displays, models include VX2, NX1, NX1Plus, RX1, and Meraki Premium with prices starting at ₹77,249.
• Treadmills Home fitness treadmills ranging from compact manual models to advanced motorized treadmills with BLDC motors up to 4.5HP, 1-14 km/hr speed, manual/automatic incline up to 15 levels, 120-150 kg weight capacity, and shock absorption systems; priced ₹11,759 to ₹99,999 with EMI options.
• Ellipticals Elliptical cross trainers featuring 5 kg flywheel, 8-level magnetic resistance, 37.3x15 cm stride length, heart rate sensors, anti-slip pedals, and adjustable seats, priced ₹15,499 to ₹39,999.
• Spin Bikes Indoor cycling exercise bikes with 9 kg flywheel, 5-level magnetic resistance, LCD display tracking time/speed/distance/calories, and adjustable seats and handlebars supporting users up to 120 kg, priced ₹10,399 to ₹12,299.
• Electric Massagers Electric massage devices for personal wellness and post-workout recovery.
• Electric Ride-On Toys Electric ride-on vehicles for children including cars, jeeps, bikes, and trikes, with budget options ranging under ₹7,000 to ₹16,000+.
• Bicycle Accessories Branded cycling accessories including helmets, LED lights, cable/spiral locks, mudguards, bells, grips, pumps, bottle cages, tool kits, gloves, jackets, saddle covers, cycling shorts, jerseys, and e-bike accessories, priced ₹279 to ₹2,367.
• Bags & Backpacks Urban and outdoor bags including travel bags, cross body bags, and backpacks (91Urbanite 3L, 91Defeatr 3L, 91Explorer 2L, 91RideOn 15L) with water-resistant materials and adjustable straps.
• Bianchi Bicycles Premium road bicycles under licensed Bianchi brand partnership, models include Bianchi Via Nirone 7 Sora, Bianchi Via Nirone 7 105, and Bianchi Oltre XR3 CV Disc Ultegra, priced ₹112,499 to ₹351,563.
• 91Wiz Virtual Technician Support Virtual technician support service enabling customers to connect with skilled technicians for bicycle and treadmill assembly assistance or instant issue resolution via video call, starting at ₹149.
• 91 Cares Doorstep Assembly & Service Doorstep assembly and service program delivering bicycles 99% pre-assembled to customer doorsteps, with technician support for assembly (starting ₹699) and ongoing maintenance (starting ₹599).
• Buy in Bulk / Corporate Purchase Bulk purchasing program for corporate clients, institutions, and organizations seeking bicycles, e-cycles, and fitness equipment for resale or employee wellness programs.

Quantifiable outcome

• 3 million+ customers served across India
• +3 more outcomes

Named customers5 records

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature5 records

Partnerships

One partnership is on record.

• HDFC BankminorGTM or Marketing PartnerBanking partner offering 5% instant discount up to ₹3,000 on HDFC Bank Credit and Debit Card EMI transactions for orders above ₹15,000.

Scale indicators7 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• Hero Cycles: India's largest bicycle manufacturer and Lectro e-cycle brand owner; directly competes with Ninety One across mass-market geared bicycles, e-cycles, and kids' bikes with deeper dealer penetration and longer operating history.
• Avon Cycles: Long-established Indian bicycle manufacturer with similar mass-market MTB, kids, and city bike portfolio plus dealer-led distribution; competes head-to-head with Ninety One in entry and mid-range price tiers.
• Firefox Bikes: Premium Indian bicycle and e-cycle brand with strong urban dealer footprint and gear-component focus; directly comparable to Ninety One's geared MTB and e-cycle lineup at overlapping price points.
• Powermax Fitness: Indian home fitness equipment brand selling treadmills, ellipticals, and exercise bikes via Amazon/Flipkart; directly comparable to Ninety One's Durafit91 fitness sub-brand on product mix, channel, and price points.
• Cockatoo (Impex India): Indian D2C bicycle and e-cycle brand with marketplace-led distribution across MTB, road, and electric categories; comparable positioning to Ninety One on price-sensitive mass-market Indian consumer.

Broad incumbents

• Trek Bicycle: Global premium bicycle manufacturer with deep R&D, motorsport partnerships, and worldwide dealer networks; comparable product portfolio (road, MTB, e-bikes) and a relevant benchmark for Ninety One's premium/Bianchi-tier ambitions and international expansion.
• Giant Bicycles: World's largest bicycle manufacturer producing road, MTB, and e-bikes globally; a relevant comparable for Ninety One's manufacturing-scale economics and international go-to-market approach.
• Decathlon: Global sporting goods retailer with strong in-house bicycle brands (Triban, Rockrider, Btwin) and e-bike lines; competes with Ninety One on price-value and overlaps in the home fitness equipment category (treadmills, ellipticals, spin bikes).

Emerging players

• Ola Electric: India's leading electric two-wheeler OEM; comparable to Ninety One's Meraki/VX/NX electric scooter line on target customer (urban Indian commuters) and BLDC architecture, though Ola operates at a different price tier.
• Ather Energy: Indian premium electric scooter OEM with BLDC drivetrain expertise and strong brand pull; comparable technology stack and target urban commuter as Ninety One's e-scooter portfolio, though Ather is positioned at a higher price point.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks5 records

Key highlights7 records

Customer concentration

• Xx.com/outdoors91in

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Funding overview

Funding rounds4 records

Investors6 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Ninety One