Bengaluru-based direct-to-consumer fitness startup Boldfit has secured fresh funding worth INR 110 crore (~ $13 million) from Bessemer Venture Partners, in a bid to fuel innovation and fuel greater brand footprint. It marks a significant milestone in funding for Boldfit, founded by Pallav Bihani in 2018 that offers a broad range of affordable fitness products, including equipment, yoga accessories, supplements, and athleisure wear. It boasts over 400 items in its portfolio and now is one of the most popular in India’s growing fitness and wellness market.
Boldfit, focusing on product innovations and expansion innovations, will further accelerate since it received the latest funding. The company recently said that it would launch offline stores within the next 12 to 18 months to connect with customers on multiple platforms. Bihani said that Bessemer’s investment is a powerful endorsement of Boldfit’s vision to lead India’s fitness revolution. This will all help us to take that next big leap in our journey to deliver world-class products inspiring millions of people to lead healthier, more active lives.”. With increased funding, Boldfit will continue to introduce new product innovations within the existing categories and look for a foray into the Middle Eastern markets. This is also in line with the booming fitness sector in India, valued at $20 billion in 2023 and expected to rise to $32 billion by 2028 at an annual growth rate of 27%.
Investor Interest Grows in D2C Fitness Market.
The Indian fitness sector now attracts leading investors and influencers. Support from Bessemer Venture Partners for Boldfit; a strong commitment towards the growth potential of India’s D2C space in fitness. Plans of product categories and international entry by Boldfit show overall trends in the industry as startups look to build diversified and loyal customer bases.
Meanwhile, other players in the health and wellness space are also amping up their game. Healthify, yet another health tech startup from Bengaluru, recently closed its Pre-Series D funding round at $45 million by raising an additional $20 million. The company is looking to utilize the funds to expand into the US market while advancing AI-driven capabilities. Also, athleisure brand Chkokko ranked one of India’s fastest-growing D2C brands in Inc42’s Fast42 report; it is focusing on building its offline presence and launching a new footwear line.
The positive market outlook has also seen other big names step into the fray. Former cricketer Tendulkar recently partnered with ex-Swiggy Instamart head Karthik Gurumurthy on a sports and athleisure brand. With the potential in India’s growing fitness market, the new funding round for Boldfit marks a strategic step forward in garnering an expanding customer base for fitness and lifestyle products. Reach out to FounderLabs for more ideas.
