KL Rahul-backed Boldfit raises Rs 110 crore in funding from Bessemer Venture Partners

Boldfit, a direct-to-consumer (D2C) fitness brand, has raised Rs 110 crore (approximately $13 million) in a funding round led by venture capital firm Bessemer Venture Partners.

Earlier in September 2024, ISN reported that BoldFit is in talks to raise $12-15 million or around Rs 100-120 crore in its largest institutional round.

In late July, the startup onboarded Indian cricketer KL Rahul as its new strategic investor and brand ambassador.

What does Boldfit do?

Founded in 2018 by Pallava Bihani, Boldfit offers products across various categories, including fitness equipment, yoga accessories, dietary supplements, and sportswear.

The startup's product range covers over 400 items catering to diverse sports like basketball, football, badminton, and cricket.

Notably, it has partnered with IPL teams such as Mumbai Indians and Royal Challengers Bangalore. 

Purpose of fundraising

With this round of funding, Boldfit plans to focus on enhancing product innovation and scale brand expansion. 

Additionally, the startup plans to open offline stores in the next 12 to 18 months and expand its presence to the Middle East. 

“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 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," said Pallav Bihani, founder of Boldfit.

Investors comment

“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,” KL Rahul said.

“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,” said Anant Vidur Puri, partner, Bessemer Venture Partners.

The startup’s growth trajectory is evident, with revenue nearly doubling from Rs 73 crore in FY23 to Rs 140 crore in FY24.