Exclusive: Bold Care to raise Rs 30 Cr in new funding round

Men’s sexual wellness brand Bold Care is raising Rs 30 crore ($3.5 million) in a new funding round from venture capital firms, family offices and several individual investors. The Mumbai-based startup previously secured an undisclosed investment in December last year from actor Ranveer Singh, who also joined as a co-founder.

The board of directors of Bold Care has passed a resolution to issue and offer upto 2,881 series VI CCPS at a price of Rs 1,03,824 each to raise Rs 29.91 crore, its filings with the Registrar of Companies show.

This round includes 20 investors and will be led by Audacity Capital, LLC who is investing Rs 5 crore followed by Motherson Lease Solution Limited at Rs 3 crore. Other notable investors include CarateLane’s co-founders Mithun and Siddhartha Sacheti, MGA Ventures LLP, Claris Capital Limited, Gruhas Collective Consumer Fund, NB Ventures Limited, The Midland Rubber & Produce, Angelist, Sumera, Dhanani family members of Sayaji Hotels and AP Partners.

Bold Care provides men's wellness products, including hair care, performance supplements, and general health solutions. The company operates primarily on a direct-to-consumer (D2C) model, leveraging third-party e-commerce platforms and its own website for sales. Recently, it also forayed into the women’s segment with the launch of its new brand Bloom.

According to startup data intelligence platform TheKredible, Bold Care’s founding team controls more than 55% holding in the company as of the last funding round. The startup has raised more than $6 million to date.

It competes with D2C sexual and wellness brands including Man Matters, Kindly, Sukham, Kapiva, and Sassiest, among others.

For the fiscal year ending in March 2024 (FY24), Bold Care’s revenue from operations increased 6.67% to Rs 32.9 crore from Rs 30.90 crore in FY23. The firm also reported a 21.46% jump in loss to Rs 19.3 crore in the last fiscal year.