ISN Exclusive: KL Rahul-backed BoldFit in talks to raise $12-15 million from Bessemer Venture Partners

D2C startup BoldFit, which sells sports and fitness products, is in talks to raise $12-15 million or around Rs 100-120 crore in its largest institutional round yet, sources privy to the developments told ISN.

Bessemer Venture Partners, which has backed Swiggy, PharmEasy, Urban Company and more, is likely to participate in the fresh round, the people added.

The KL Rahul-backed company – which sells fitness equipment like yoga accessories, sippers and even athleisure wear – will use the money to grow its product suite and expand its presence across channels like Amazon and enter newer geographies, too. 

Fresh funding into the D2C company comes at a time when investors are rushing to back consumer startups. Firms like Blue Tokai, Plan B, Nutrabay, among several others have scooped up capital over the past few weeks as investors bet on favourable outcomes from consumer companies. 

The talks between the two are still at an early stage so there are chances that the final terms may be different.

BoldFit and Bessemer Venture Partners did not reply to ISN’s queries at the time of publishing the story. The story will be updated when the companies respond.

Founded by Pallav Bihani in 2018, BoldFit’s maiden fundraise will help the Bengaluru-based company compete with larger rivals like Cultsport (Cultfit) and others and grow its market share.

It is already partnering with cricket teams like Mumbai Indians to grow its popularity and create a stronger brand recall. That seems to have worked well for the company, which turned in an impressive financial performance in the financial year 2022-23.

BoldFit earned Rs 74 crore in revenues in FY23 and had a net profit of Rs 16 crore in the same year according to Tracxn data. The startup is yet to publicly file its results for financial year 2023-24.