KL Rahul-backed Boldfit raises $13 Mn led by Bessemer

Direct-to-consumer fitness startup Boldfit has raised Rs 110 crore (approximately $13 million) in a new funding round led by Bessemer Venture Partners.

The Bengaluru-based company had previously raised $8.37 million from its existing investors, including KL Rahul.

According to a press release, Boldfit plans to use the fresh funds to enhance product innovation and scale brand expansion.

Founded in 2018 by Pallav Bihani and Aasshna Guptaa, Boldfit is an e-commerce platform offering a wide range of sports and fitness products. The company’s product categories include apparel, fitness equipment, nutrition supplements, and accessories. Boldfit caters to a variety of sports, including basketball, cycling, football, volleyball, badminton, and cricket, and offers more than 400 products at affordable prices.

Boldfit aims to set new benchmarks in quality and innovation, making fitness accessible to enthusiasts across the country. The company claims to have partnered with IPL teams such as Mumbai Indians and Royal Challengers Bangalore and to have served over 10 million customers nationwide.

The company also has plans to open offline stores within the next 12 to 18 months and expand into the Middle East. Additionally, Boldfit aims to introduce further innovations in its existing product categories.

According to market research, the Indian fitness market, valued at $20 billion in 2023, is projected to reach $32 billion by 2028, growing at an annual rate of 27%.