Boldfit, a direct-to-consumer (D2C) fitness brand, has raised Rs 110 crore (around $13 million) in its latest funding round. The round was led by Bessemer Venture Partners, a well-known venture capital firm. This significant funding boost comes after earlier reports in September 2024 that Boldfit was in talks to raise around Rs 100-120 crore ($12-15 million) in its largest institutional round.
In July 2024, Boldfit welcomed Indian cricketer KL Rahul as a strategic investor and brand ambassador, further strengthening its presence in the fitness industry.
What Does Boldfit Do?
Boldfit was founded in 2018 by Pallava Bihani. The startup offers a wide range of fitness products, including fitness equipment, yoga accessories, dietary supplements, and sportswear. With over 400 items in its product line, Boldfit caters to various sports such as basketball, football, badminton, and cricket.
Boldfit has also partnered with famous Indian Premier League (IPL) teams like Mumbai Indians and Royal Challengers Bangalore, solidifying its presence in the sports and fitness market. These partnerships help expand its brand recognition and appeal to a larger audience of sports enthusiasts.
Purpose of Boldfit Funding
The Rs 110 crore raised in this funding round will allow Boldfit to enhance its product innovation and expand its brand across India. One of the major goals is to open offline stores in the next 12 to 18 months, giving more customers the chance to experience Boldfit products in person. The company also plans to expand into the Middle East, broadening its market reach.
Pallava Bihani, the founder of Boldfit, said, “This investment from Bessemer Venture Partners is a powerful endorsement of Boldfit’s vision to lead India’s fitness revolution. With this support, we’re ready to take the next big leap, delivering world-class products that inspire millions to lead healthier, more active lives.”
Investors’ Views
KL Rahul, who joined as both a brand ambassador and investor, expressed his excitement about Boldfit’s growth, saying, “This funding is a strong step forward for Boldfit, driving advancement in fitness for today’s India. I’m excited to see how Boldfit brings in the best for wellness with this momentum.”
Anant Vidur Puri, partner at Bessemer Venture Partners, shared his thoughts on the company’s future: “We believe sports and fitness is a rapidly growing market in India, and Boldfit has emerged as an early leader with its strong focus on product quality, distribution, and brand partnerships. We’re excited to partner with Pallav and the team in their next stage of growth.”
Boldfit Rapid Growth
Boldfit has shown impressive growth, with revenue nearly doubling from Rs 73 crore in FY23 to Rs 140 crore in FY24. This growth reflects the strong demand for its high-quality fitness products and the increasing popularity of fitness culture in India. With the latest funding, Boldfit is poised to continue expanding its reach and innovating its product offerings to meet the growing needs of fitness enthusiasts.
