FUNDING

Boldfit Raises ₹400 Crore in Series B Funding Led by Bharat Value Fund

By Thanushree

Boldfit, India’s D2C sports and fitness equipment brand, raised ₹400 crore ($41.8 million) in a Series B funding round.

Bharat Value Fund, managed by The Wealth Company Alternates (part of the Pantomath Group), led the investment. Existing investor Bessemer Venture Partners also participated.

The Bengaluru-based company announced the round on October 12, 2026. This is one of the larger recent funding deals in India’s sports and fitness sector.

Boldfit Series B Funding Overview

Who Invested in Boldfit?

The Series B round was led by domestic private equity, with backing from returning venture capital and notable sports figures:

1. Bharat Value Fund (BVF): Managed by The Wealth Company Alternates (part of Pantomath Group), BVF focuses on mid-market, high-growth Indian companies.

2. Bessemer Venture Partners: The marquee VC firm doubled down on its commitment after leading Boldfit’s ₹110 crore Series A round in November 2024.

3. Sports Icons & Angel Investors: Indian cricketer KL Rahul and legendary tennis star Sania Mirza continue to back the brand as both strategic brand ambassadors and equity investors.

How Boldfit Will Use the ₹400 Crore Fresh Capital

Unlike early-stage D2C startups that spend heavily on customer acquisition, Boldfit is allocating funds to scale physical stores and vertically integrate its supply chain.

• Nationwide Retail Expansion: Moving beyond e-commerce and quick-commerce to build an extensive offline retail store network across Tier I, Tier II, and Tier III cities.

• In-House Manufacturing Capabilities: Investing in local manufacturing units to control product quality, reduce reliance on imports, and maintain competitive pricing.

• Product Innovation & Category Expansion: Expanding into sportswear apparel, athletic footwear, specialized sports equipment, and functional nutrition.

• Strategic Acquisitions: Carefully acquiring complementary sports and lifestyle brands to strengthen market presence.

Boldfit’s Business Growth and Financial Performance

Founded in 2018 by Pallav Bihani with just two yoga mats, Boldfit has scaled into an omnichannel sports ecosystem serving over 20 million customers annually.

The company stands out in the Indian startup landscape by maintaining high profitability alongside multi-fold revenue growth:

• Revenue Growth: Operating revenue jumped 2.17x to reach ₹304 crore in FY25, up from ₹140 crore in FY24.

• Strong Profitability: Net profits more than doubled to ₹35 crore in FY25, compared to ₹16.8 crore in FY24.

• Growth Driver: A strong presence across online marketplaces (Amazon, Flipkart) combined with quick-commerce platforms (Blinkit, Zepto, Instamart) for instant delivery of fitness essentials.

Why Investors Are Betting on India’s Fitness Sector

India’s sports and fitness goods market is projected to reach $35 billion by FY31 (up from $16 billion), growing at a compound annual growth rate (CAGR) of over 16%.

Key contributors to growth include:

• Rise in Active Lifestyles: Increasing health awareness, gym memberships, and daily active routines across urban and semi-urban populations.

• Athleisure Demand: The shift toward comfortable daily wear has expanded sportswear sales far beyond traditional athletes.

• Tier II & III Market Access: Quick-commerce and e-commerce penetration have unlocked sports equipment demand outside major metro cities.

Boldfit’s hybrid model, merging online presence with physical outlets and local manufacturing, places it alongside global leaders such as Decathlon in the Indian fitness sector.

Source: Official Statement from Avendus Capital (Adviser for Boldfit fundraise)

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