In 2016, when Psynyde Bikes launched the Furan MTB, it was for India, a rare instance of cycling enthusiasts designing bicycles, manufacturing overseas and selling in modest numbers in the domestic market. After a promising start, the company is now in a phase of struggle. If it persists, it may be able to look back and say of now: that was a learning experience.
Roughly three years after introducing their first factory built-models capable of selling in modest numbers, brand Psynyde continues to retain the cultish feel that accompanies performance. In that time, it also experienced reversals on the business front not for want of product acceptance but things gone wrong internally in the fledgling company. The core team is back to two – MTB enthusiast turned bicycle designer and builder, Praveen Prabhakaran, and Vinay Menon who still rides hard and oversees marketing for the brand.
On the bright side, the initial 100 units-strong consignment of the trail bike they designed – Psynyde Furan – sold out in a year; as did an initial lot of 100 of the hybrid – Oxygen. Feedback was encouraging. There have been no complaints except for small issues with a plastic cap, Praveen said. However, the Chinese factory, which manufactured the bike frames he designed, fell into hard times. Praveen said he has identified alternative factories, capable of similar quality.
According to Vinay, Psynyde’s bikes as well as the bicycle components it made featured at domestic and international competitions. The Furan was chosen steed for Psynyde sponsored-riders and some of the company’s customers, who took part in these events. There have also been a couple of podium finishes. Brand Psynyde – as component or whole bicycle – was seen at events including the 2012 FLOW Show demos in Canada, the 2013 and 2014 Asia Pacific Downhill Championships, multiple editions of the Himalayan Downhill Mountain Bike Trophy, 2016 and 2017 Bangalore Mountain Festival Downhill Race, TDRY Gui’de International Downhill Cycling Race in China, 2018 Mechuka Downhill Championship, 2018 National BMX Flatland Championship and the 2019 Bangalore Bicycle Championship (downhill race). But there was tragedy too, one that was felt deeply at Psynyde.
In July 2017, Ajay Padval, a talented mountain biker from Pune, died in an accident while biking down from Khardung La near Leh. This downhill ride, done on the road connecting Leh to Nubra valley via Khardung La, is a popular supported trip availed by many visitors to Ladakh. Ajay was no different; he wanted to taste the experience. He was driven up to Khardung La along with others set to ride down from the high pass to Leh. That day, unfortunately for Ajay, something went wrong resulting in serious injury. Found fallen on the road, he was rushed to the local hospital but passed away the next day. “ Ajay was a very important member of the Psynyde team in the little time he spent with us. Right from being a dedicated team athlete – not just mountain biking, he was excellent at slacklining too – to giving important inputs in operations and matters related to product design. Ajay’s unfortunate demise affected us a lot,’’ Vinay said. Ajay had grown up watching older cycling enthusiasts; among them Praveen and Vinay. They were all part of the same MTB ecosystem in Pune. Not long after Psynyde got into bicycle manufacturing, he joined the company. His untimely passing was therefore personal loss for Praveen and Vinay.
On the product front, both the Furan and Oxygen were perceived in the market as versatile bicycles. The Furan was designed to be a hard tail MTB capable of tackling a variety of terrain and riding styles; the Oxygen known to be light weight and having geometry partial to speed has been used by customers for purposes ranging from regular commute and weekend rides to bicycle touring. In 2018, Pune-based Abhishek Iyer toured across Norway on a Psynyde Oxygen. From a second lot of Oxygen, at the time of writing, about 90 units remained in stock in Pune. The company needed to invest afresh in components if it was to assemble and sell all of them. As of July, Praveen and Vinay were looking for investors who understood Psynyde’s line of business as well as the performance image, brand Psynyde had created for itself.
Psynyde’s capital requirements are of modest dimension. But the challenge is procuring financial support without the associated baggage of altered direction for the company. Having created its narrative to date by aligning with the performance segment, Psynyde does not want to trade that image for recovery plans advising dilution of its profile. “ One potential investor asked us to change the brand name and make it more mainstream. That was unacceptable,’’ Praveen said. At the same time, he was aware of the fact that a bicycle business can’t be founded wholly on presence in niche, performance segments. “ There is so much I wanted to do. Instead I have all this to sort out now,’’ Praveen said at his house on the outskirts of Pune. It was July 2019; annual season of rain.
Praveen is happiest discussing bicycle technology and design. He took out his cellphone to show photos of a beautiful road bike with carbon fiber-frame mated to steel joints and wireless, electronic shifters that he had built for a client. It was part of the original custom built-bicycles business that was Psynyde; the seed which eventually spawned a company selling modest volumes of cycles designed by it and factory-built in China. Psynyde’s logo sat prominently on the road bike’s head tube.
Before us in the room, was the prototype of a new Furan. In a major departure from previous models of the Furan and Oxygen, the prototype sported only one chain ring at the front. There was a nine speed-cassette at the rear. The combination changed the traditional MTB gear ratios seen in India but made the bike simpler. It also had front suspension capable of greater travel and a hydraulic seat post that adjusted remotely allowing rider to sit low on downhills and revert to regular height once such sections were tackled. Should this model proceed beyond prototype and witness production, Praveen hoped to have a more aggressive angle for the front suspension. He was also considering steel as metal to build with; potential fallout of that being frame composed of absolutely straight lines unlike the prototype with down tube slightly curved towards its junction with the head tube.
Also available to see as photographs were prototypes of two downhill bikes from Psynyde – the Psymptom and Dioxide. Both sported four bar design for rear suspension set up. The Psymptom had this set up essayed in CNC machine cut-aluminum (rest of the frame was chromoly steel) while the Dioxide was wholly 4130 chromoly steel. As with the Psymptom and Dioxide, a Furan 2 made of steel was not concept, suddenly conceived. Praveen had been toying with the idea of getting back to steel tubing for a while. In the story of bicycles, steel disliked for its weight had given way to aluminum, titanium and carbon fiber. All these materials have their merits and demerits. For instance, even as aluminum is lighter, points of welding are usually invitation to lose strength. As lighter materials gained currency in cycling, steel alloys evolved further. Today, very thin steel tubing that does not weigh a lot, is available. The return of steel is particularly visible in the MTB segment overseas, Praveen and Vinay said.
The tubes used are butted steel tubes, which have varying wall thickness. Such fabrication isn’t yet a strong point with Indian manufacturing, particularly at the dimensions (wall thickness) needed for contemporary performance bicycles. Further when it comes to modest volumes of raw materials, like that needed by Psynyde, any Indian supplier capable of making butted tubes in steel finds it unviable scale. Result – the tubes have to be imported from British, Italian, American and Japanese suppliers; often at high import duty for no better reason than that its eventual application is in cycling. The Dioxide was featured on VitalMTB, a major online portal for MTB news. “ There will be downhill riders in India appreciative of the Psymptom and the Dioxide,’’ Vinay said. Problem is – downhill is a smaller world within India’s small world of MTB. That relapse to niche category brings us back to a familiar predicament.
If its products are meant for niche within niche, where will Psynyde’s main revenues come from to sustain its avatar of company designing own bicycles, manufacturing overseas and selling in modest volumes in India? For sustenance, versatile products like the Furan and Oxygen matter. That’s why the current capital crunch has to be somehow overcome, stocks reached to a market, which anyway liked Psynyde’s products and the momentum carried on. An additional option is to create a set of affordable products closer to mainstream interests in cycling. If so, that would probably have to be done at arm’s length making sure brand Psynyde is not diluted in the process. But there is a deeper question lurking in the backdrop.
The talent required to manage a company is very different from the creativity that goes into bicycle designing or the kick one gets from riding and testing bicycles. Praveen’s house used to be Psynyde’s old factory floor; that was when all Psynyde did was design and custom build bicycles and machine specific components. At that size, the business was easier to manage. Praveen could stay creative and Vinay could continue riding. If they can’t get Psynyde’s current avatar moving at least partly on autopilot mode with good managers in place, then at some point, after cleaning up their liabilities, there will be a question awaiting the duo’s attention: is volume manufacturing their cup of tea? Or are they more comfortable with a boutique operation similar to old, designing and custom-building bicycles?
(The author, Shyam G Menon, is a freelance journalist based in Mumbai. This article is based on a conversation with Praveen Prabhakaran and Vinay Menon. For more on Psynyde Bikes, please try the following two links: https://shyamgopan.com/2014/02/06/the-story-of-psynyde/ and https://shyamgopan.com/2016/11/09/psynyde-alert-the-hour-of-the-furan/)