Boldfit, the direct-to-consumer fitness brand backed by cricketer KL Rahul, has raised ₹110 crore (around $13 million) in its latest funding round, with Bessemer Venture Partners leading the investment.
This Bengaluru-based startup had previously secured $8.37 million from its existing investors, including Rahul. With the new funds, Boldfit plans to accelerate product innovation and expand its brand presence.
Launched in 2018 by Pallav Bihani and Aasshna Guptaa, Boldfit is an online platform offering an extensive array of sports and fitness products. These include apparel, fitness gear, nutritional supplements, and accessories, catering to various sports such as basketball, cricket, football, cycling, volleyball, and badminton. The platform provides over 400 products at affordable prices to fitness enthusiasts.
Boldfit’s vision is to redefine quality and innovation in the fitness sector, aiming to make fitness more accessible to people across India. The company has partnered with IPL teams like Mumbai Indians and Royal Challengers Bangalore and has reached over 10 million customers nationwide.
Looking ahead, Boldfit plans to open offline stores within the next 12 to 18 months, while also targeting expansion into the Middle East. The company intends to continue innovating in its product offerings to further enhance its market position.
The Indian fitness market, valued at $20 billion in 2023, is expected to grow at an annual rate of 27%, reaching $32 billion by 2028, according to market research.