Boldfit Funding: Boldfit Nets INR 110 Cr To Bolster Its Product Portfolio

SUMMARY

D2C fitness startup Boldfit secured INR 110 Cr (around $13 Mn) in a fresh funding round from Bessemer Venture Partners to boost its product innovation and scale up its brand presence

The startup also looks to open offline stores in the next 12 to 18 months

The funding comes months after cricketer KL Rahul invested in Boldfit as the company plans to roll out innovations in existing categories and build its presence in the Middle East

Bengaluru-based D2C fitness startup Boldfit has secured INR 110 Cr (around $13 Mn) in a fresh funding round from Bessemer Venture Partners.

The company said in a statement that it is looking to deploy the fresh proceeds to boost its product innovation and scale up its brand expansion.

Founded in 2018 by Pallav Bihani, Boldfit offers more than 400 products in an affordable price window across categories including fitness equipment, yoga accessories, supplements and athleisure wear among others.

The startup also looks to open offline stores in the next 12 to 18 months.

“This investment from Bessemer Venture Partners is a powerful endorsement of Boldfit’s vision to lead India’s fitness revolution. With this support, we’re ready to take the next big leap in our journey, delivering world-class products that inspire millions of people to lead healthier, more active lives,” Bihani said.

The funding comes months after cricketer KL Rahul invested in Boldfit as the company plans to roll out innovations in existing categories and build its presence in the Middle East.

Meanwhile, Bengaluru-based healthtech startup Healthify raised an additional $20 Mn to close its Pre-Series D funding round at $45 Mn, a few weeks ago. Back then, the startup said it would use the fresh capital for global expansion, with focus on foraying into the US market, and advancing its AI capabilities.

Furthermore, Chkokko was ranked 11th position among India’s Fastest-Growing D2C Brands, in Inc42’s recent Fast42 report. The company is looking to build a strong foothold in the athleisure segment by growing its offline presence, while also looking to launch its line of footwear soon.

It is to note that 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%.

With the given market opportunity for fitness brands, former Indian cricketer Sachin Tendulkar teamed up with former Swiggy Instamart head Karthik Gurumurthy to launch a sports athleisure brand, as per reports.

Updated at 12:09 PM