The Indian cricketer, KL Rahul has invested in Boldfits’s active and athleisure wear.
Boldfit reported revenue of INR 73 Cr in FY23 and aims to double it to INR 150 Cr in FY24, with plans to expand its product range, enter the Middle East market, and open 100 offline stores across India in the next four years.
This partnership aligns with the growing trend of athletes investing in startups, as seen with other recent investments by sports figures like Pullela Gopichand, MS Dhoni, and PV Sindhu, in a rapidly expanding Indian fitness market projected to reach $32 Bn by 2028.
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Bengaluru-based direct-to-consumer fitness brand Boldfit has roped in Indian cricketer KL Rahul as its investor.
However, the company did not disclose the financial terms of the deal.
Founded in 2018 by Pallav Bihani, Boldfit offers more than 400 products across categories including fitness equipment, yoga accessories, and athleisure wear.
Rahul said, “As a Bengaluru boy, I’m proud to join forces with a brand that shares my love for fitness and my hometown.”
Bihani said, “Having KL Rahul on board is a huge moment for us. His dedication and drive perfectly match our brand’s values.”
This comes at a time when Boldfit looks to expand its footprint. It further plans to broaden its athleisure and footwear ranges, roll out innovations in existing categories and build its presence in the Middle East.
Boldfit also aims to open 100 offline stores across India over the next four years.
The company has already served more than 2.5 Mn customers and has partnered with IPL teams like Mumbai Indians, Chennai Super Kings, and Royal Challengers Bengaluru for co-branded fitness accessories and fanwear.
The investment also adds to Rahul’s growing portfolio of brand associations. Earlier this year, he became the brand ambassador for Aditya Birla Finance. Besides, he also serves as a brand ambassador for companies like hyugalife, XYXX and 4cast.
The Indian fitness market, valued at $20 Mn in 2023, is projected to reach $32 Bn by 2028, growing at an annual rate of 27%.
Meanwhile, athletic professionals have been active in backing growing startups in the country.
On Monday (July 29), sportstech startup Game Theory roped in India’s chief badminton coach Pullela Gopichand and a clutch of other players as investors.
Earlier this year, Pune-based EV startup EMotorad roped in former Indian skipper Mahendra Singh Dhoni as an equity investor and healthtech platform Curelo raised funds from Indian cricketer Shreyas Iyer.
Few weeks ago, Olympian PV Sindhu also invested into an agritech startup Greenday’s FMCG brand Better Nutrition and D2C wellness brand Hoop.
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