Homegrown sports and fitness brand Boldfit has raised Rs 400 crore from The Wealth Company Alternates’ Bharat Value Fund in a Series B funding round, as it looks to scale its business across sportswear, footwear and fitness equipment.
Founded in 2018 by Pallav Bihani, the company plans to use the fresh capital to expand its retail footprint across India, strengthen manufacturing and product development, and pursue acquisitions to enter or deepen its presence in select categories.
Boldfit has grown at a compound annual growth rate of over 80 percent in the past three years and serves more than 2 crore customers annually, the company said in a statement on October 12. The company is looking to build a broader sports business beyond its existing fitness products, with investments in physical retail and manufacturing forming a key part of its expansion strategy.
“We’re building a deeply integrated sports business, investing in product innovation, manufacturing excellence and nationwide retail to create the scale and capabilities required to serve India’s sporting ambitions,” Bihani said.
The funding comes as brands look to tap demand for organised sports and fitness products in India. E-commerce, organised retail and quick-commerce platforms are also expanding the reach of these products beyond major cities, according to the firm.
Boldfit previously raised Rs 110 crore from Bessemer Venture Partners in a Series A round in 2024. Cricketer KL Rahul and tennis player Sania Mirza are also among its investors.
For Bharat Value Fund, the investment marks its fourth significant deal in the past 12 months, following investments in Zetwerk Manufacturing, Amnex Infotechnologies and Big Mishra. The fund said its four investments during the period averaged around Rs 400 crore each. Avendus Capital acted as the exclusive financial adviser to Boldfit and its shareholders on the transaction.
