Boldfit, a D2C finest fitness accessories and apparel brand, has raised an investment of INR 110 crore (about $13 million) from venture capital firm Bessemer Venture Partners.
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The brand sells products in different categories, such as apparel, nutrition, shoes, sports, fitness equipment, and accessories.
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The cricketer KL Rahul-backed startup plans to use the funds to improve product innovation and brand presence.
The brand sells its products via e-commerce marketplaces, quick-commerce platforms, and direct-to-consumer channels. It intends to open offline stores over the next 12 to 18 months.
“We started our business with fitness equipment, and that continues to grow for us over 100% year on year for the last four or five years,” Pallav Bihani told. “As we build out a larger fitness powerhouse in the coming years, activewear, exercise, and footwear will become crucial. We are actively exploring and building these categories, which contribute significantly to our business.”
“Last year (fiscal 2024), we clocked about Rs 140 crore in revenue, and I think this year looks pretty strong as well. There’s a lot of headroom for growth, and we’re proliferating as we speak,” he said. In FY23, it had reported revenue of Rs 73 crore.
Commenting on the investment, Anant Vidur Puri, partner at Bessemer Venture Partners, 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.”
Bessemer Venture Partners helps entrepreneurs lay strong foundations to build and forge long-standing companies. With more than 145 IPOs and 300 portfolio companies in the enterprise, consumer, and healthcare spaces, Bessemer supports founders and CEOs from their early days through every stage of growth.
About Boldfit
Founded in 2018 by Pallav Bihani, From premium accessories to innovative workout gear, Boldfit empowers individuals to unlock their full potential and embrace a life of vitality, helping them transform into their best version.
Through continuous innovation and feedback-driven improvement, Boldfit strives to elevate the fitness experience and inspire a community of bold individuals to conquer their goals. At Boldfit, every step taken is a step closer to your goals. Embrace the challenge, embody the strength, and become part of a community that moves forward together. With us by your side, there’s no limit to what you can achieve. Your bold journey begins here.
