KL Rahul-backed Boldfit secures $42 million to boost retail presence across India

Homegrown sports and fitness brand Boldfit has secured more than ₹400 crore (approximately $42 million) in a Series B funding round led by Bharat Value Fund, managed by The Wealth Company Alternates, part of the Pantomath Group, PTI reported. Existing investor Bessemer Venture Partners also contributed to the fundraise.

The Bengaluru-headquartered company plans to deploy the proceeds towards expanding its retail network across India, strengthening manufacturing capabilities, investing in product development and exploring strategic acquisitions.

Founded in 2018 by Pallav Bihani, Boldfit offers a range of products, including sportswear, athletic footwear, sports equipment and fitness accessories. The latest investment is expected to help the brand strengthen its offline presence while continuing to grow its digital business.

The company intends to increase its presence in physical retail markets across the country while stepping up investments in manufacturing and product innovation.

“The investment will support Boldfit’s next phase of expansion, with significant investments planned for nationwide retail expansion, product innovation and manufacturing,” The Wealth Company Alternates said in a statement.

Boldfit is also considering acquisitions to enter new product segments or expand its position in selected categories.

The company said on October 12 that it had recorded a compound annual growth rate (CAGR) of more than 80% over the past three years. It also claims to serve more than 2 crore customers annually.

Before the latest fundraise, Boldfit secured ₹110 crore from Bessemer Venture Partners in a Series A round in 2024.

Indian cricketer KL Rahul invested in the company in July 2024 and subsequently became its brand ambassador. Former tennis player Sania Mirza is also among the brand's celebrity investors.

The Boldfit transaction marks Bharat Value Fund's fourth significant investment in the past 12 months. Its previous investments during this period include manufacturing company Zetwerk, technology firm Amnex Infotechnologies and food business Big Mishra.

According to a company announcement dated October 12, the fund's four investments over the period averaged approximately ₹400 crore each. The Boldfit deal is also being described as Bharat Value Fund's largest investment in the consumer sector to date.

Avendus Capital served as the exclusive financial adviser to Boldfit and its shareholders for the transaction.

The funding comes amid a broader shift among Indian consumer brands towards expanding their physical retail networks, increasing domestic manufacturing and diversifying their product offerings.

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