Boldfit, a fast-growing direct-to-consumer (D2C) fitness brand, has successfully raised Rs 110 crore (around $13 million) in its largest funding round to date. This latest investment, led by venture capital giant Bessemer Venture Partners, marks a significant milestone for the startup, enabling it to expand its product lines, grow its market presence, and introduce innovations within India’s fitness industry.
Founded in 2018 by Pallava Bihani, Boldfit has quickly become a prominent name in the Indian fitness space, offering a wide range of products including fitness equipment, yoga accessories, dietary supplements, and sportswear. With over 400 items in its catalog, the brand serves athletes and fitness enthusiasts across multiple sports, such as basketball, football, badminton, and cricket. In addition to its product portfolio, Boldfit has partnered with popular IPL teams, including the Mumbai Indians and Royal Challengers Bangalore, boosting its visibility and connecting with sports fans.
In July 2024, Boldfit made headlines by onboarding Indian cricket star KL Rahul as a strategic investor and brand ambassador, strengthening its brand image and appeal within India’s growing fitness market. Rahul, a vocal advocate of fitness, expressed his enthusiasm for the new funding round, noting, “This funding is a strong step forward for Boldfit, driving advancement in fitness for today’s India. Excited to see how Boldfit brings in the best for wellness with this momentum.”
Plans for Growth and International Expansion
With this substantial round of funding, Boldfit plans to expand beyond online retail to include physical stores, setting up an omnichannel presence that will further extend its reach. The company aims to launch these offline stores within the next 12 to 18 months, supporting its goal to become a household name in fitness. Moreover, Boldfit is eyeing international markets and has announced plans to expand to the Middle East, aligning with its broader vision of being a globally recognized brand in fitness.
“This investment from Bessemer Venture Partners is a powerful endorsement of Boldfit’s vision to lead India’s fitness revolution,” said founder Pallava Bihani. “With this support, we’re ready to take the next big leap in our journey, delivering world-class products that inspire millions of people to lead healthier, more active lives. Boldfit is committed to setting new benchmarks for quality and innovation in fitness, making it accessible to every fitness enthusiast across the country.”
Investor Confidence and Growth Trajectory
The brand’s recent growth is evident in its financial performance, with revenue nearly doubling from Rs 73 crore in FY23 to Rs 140 crore in FY24. Anant Vidur Puri, Partner at Bessemer Venture Partners, sees great potential for Boldfit, saying, “We believe sports and fitness is a rapidly growing market in India and Boldfit has emerged as an early leader in the space with its strong focus on product quality, holistic distribution, and strong brand partnerships. We’re excited to partner with Pallav and the team in their next stage of growth.”
This latest funding round represents more than financial support; it signals growing confidence in Boldfit’s ability to transform the fitness landscape in India, making fitness products accessible, diverse, and innovative for consumers.
