SUMMARY
- BoldFit, a D2C fitness products startup backed by KL Rahul, is in discussions to raise $12-15 million from Bessemer Venture Partners.
- The funds will be used to expand BoldFit’s product range, enhance its presence on e-commerce platforms like Amazon, and enter new markets.
- Founded in 2018 by Pallav Bihani, BoldFit aims to strengthen its competitive position against larger rivals and increase market share, having reported Rs 74 crore in revenue and Rs 16 crore in net profit for FY23.
BoldFit, a direct-to-consumer (D2C) startup specializing in sports and fitness products, is reportedly in talks to raise $12-15 million (approximately Rs 100-120 crore) in its largest institutional funding round to date. Sources familiar with the matter informed ISN that Bessemer Venture Partners, known for its investments in companies like Swiggy, PharmEasy, and Urban Company, is expected to participate in the funding.
The fresh capital is intended to help BoldFit expand its product portfolio, strengthen its presence on channels like Amazon, and explore new geographical markets. The company, which is backed by Indian cricketer KL Rahul, offers a range of fitness products, including yoga accessories, sippers, and athleisure wear. This latest round of funding comes as investors show a renewed interest in consumer startups, with firms like Blue Tokai, Plan B, and Nutrabay securing capital recently, reflecting growing confidence in the sector.
BoldFit’s founder, Pallav Bihani, established the Bengaluru-based company in 2018. The startup’s maiden institutional round is expected to enable it to compete more effectively with larger players like Cultsport (Cultfit) and expand its market share. The company has already formed strategic partnerships, such as its collaboration with cricket team Mumbai Indians, which has helped bolster its brand visibility and recognition.
Financially, BoldFit reported revenues of Rs 74 crore for the financial year 2022-23, achieving a net profit of Rs 16 crore, according to data from Tracxn. However, the startup has not yet publicly disclosed its financial results for the 2023-24 fiscal year. The funding discussions are still in the early stages, and the final terms of the deal could change. At the time of publishing, neither BoldFit nor Bessemer Venture Partners had responded to queries from ISN.
