Boldfit, a fast-growing D2C fitness brand, has raised Rs 110 crore (around $13 million). This marks the brand’s largest funding round to date. Venture capital giant Bessemer Venture Partners led the investment. The funding will help Boldfit expand product lines, boost its market presence, and drive innovation.
Boldfit’s Rapid Growth and Product Range
Founded in 2018 by Pallava Bihani, Boldfit shot its way to popularity in India’s fitness market. With over 400 products- ranging from fitness equipment, yoga accessories, dietary supplements, and sportswear firm caters to basketball, football, badminton, and cricket among other sports.
The company has also developed robust partnerships. It has partnered with IPL teams such as the Mumbai Indians and the Royal Challengers Bangalore. It improves its visibility and helps connect the brand to sports fans.
Strategic Partnerships for Brand Image Building
In July 2024, Boldfit made headlines with the onboarding of Indian cricket star KL Rahul as a strategic investor and brand ambassador. He has reinforced the brand’s image in the fitness space. Rahul shared his excitement about the funding when he said, “This is a strong step forward for Boldfit to drive India’s fitness revolution.”
Plans for Growth and Global Expansion
There are plans for Boldfit to expand its markets beyond mere online retail. It is planning to launch physical stores within the next 12 to 18 months. The omnichannel approach will further widen the reach and have a more solid presence in India.
It’s also targeting international markets. Boldfit is considering making an entry into the Middle East soon. It means it aims at becoming a global name for fitness.
Founder Pallava Bihani sounded effusive as he said, “This funding enables us to lead India’s fitness revolution. We will provide world-class products that inspire healthier, active lifestyles. Boldfit is now prepared to raise new benchmarks for fitness quality and innovation.”
Investor Confidence and Financial Growth
Boldfit’s financial performance indicates its growth trajectory. The brand’s revenue nearly doubled, increasing from Rs 73 crore in FY23 to Rs 140 crore in FY24.
Bessemer Venture Partners is optimistic about the brand’s future. Anant Vidur Puri, Partner at Bessemer, said: “The sports and fitness market in India is growing rapidly. Boldfit has emerged as a leader with its product quality, distribution, and brand partnerships. We are excited to support its next phase of growth.”
Transformation of the Fitness Market in India
The funding reflects an investment in the potential of Boldfit to transform the fitness landscape in India. Using accessible, innovative products, Boldfit is empowering fitness enthusiasts across the country. This milestone funding is a step toward revolutionizing fitness in India and beyond.
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