D2C fitness and nutrition brand Boldfit secured INR 110 crore (about $13 million) from venture capital firm Bessemer Venture Partners.
Boldfit continues to grow for over 100% YoY for 4-5 years
Backed by cricketer KL Rahul, Boldfit will use the funds to boost product innovation and grow its brand. Established in 2018 by Pallav Bihani, the brand offers fitness accessories, nutraceuticals, sports equipment, and workout apparel.
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While talking to ET Retail regarding the funding, Bihani said, “We started our business with fitness equipment, and that continues to grow for us over 100% year on year for the last four or five years. As we build out a larger fitness powerhouse in the coming years, activewear, athleisure and footwear will become crucial. We are actively exploring and building these categories, which already contribute a significant portion of our business.”
Boldfit to launch physical stores soon
Notably, Boldfit sells its items on ecommerce sites, quick-commerce platforms, and its own D2C channel. In addition, It plans to open physical stores within the next 12 to 18 months.
“Last year (fiscal 2024) we clocked about Rs 140 crore in revenue, and I think this year looks pretty strong as well. There’s a lot of headroom for growth, and we’re growing very rapidly as we speak,” Bihani stated further. Earlier, in the financial year 2022-23, the company registered a revenue of INR 73 crore.
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Furthermore, Anant Vidur Puri, partner at Bessemer Venture Partners, commented on the investment: “We believe sports and fitness is a rapidly growing market in India and Boldfit has emerged as an early leader in the space with its strong focus on product quality, holistic distribution, and strong brand partnerships.”
Looking ahead, the company plans to innovate in current categories and expand into the Middle East.
Meanwhile, the Indian fitness market was valued at $20 million in 2023 and is expected to grow to $32 billion by 2028, with an annual growth rate of 27%.