From D2C to retail: KL Rahul-backed Boldfit raises over ₹400 crore from Bharat Value Fund

Homegrown sports and fitness brand Boldfit has raised over ₹400 crore (about $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 participated in the round.

The Bengaluru-based company will use the fresh capital to expand its retail footprint across India, scale manufacturing, accelerate product innovation and pursue selective acquisitions.

What Boldfit Plans To Do

Boldfit, founded in 2018 by Pallav Bihani, sells sportswear, athletic footwear, sports equipment and fitness essentials. The company said the investment will support its next phase of growth, with a focus on building a stronger nationwide offline presence alongside its digital business.

“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.
The company also plans to explore acquisitions to enter or deepen its presence in select product categories.

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Strong Growth Momentum

Boldfit claims it has grown at a compound annual growth rate of more than 80% over the past three years and serves over 2 crore customers annually, the company said in a statement on October 12.

Before this, Boldfit had raised ₹110 crore from Bessemer Venture Partners in a Series A round in 2024. Cricketer KL Rahul invested in Boldfit in July 2024 and also became its brand ambassador. Former tennis star Sania Mirza is among the brand’s other celebrity investors.

A Big Bet On Fitness Market

For Bharat Value Fund, Boldfit is its fourth significant investment in the past 12 months, following earlier deals in Zetwerk Manufacturing, Amnex Infotechnologies and Big Mishra. The fund’s four investments during the period have averaged around ₹400 crore each, according to a company announcement dated October 12.

The deal is also being described as Bharat Value Fund’s largest investment in the consumer sector so far.

Avendus Capital acted as the exclusive financial adviser to Boldfit and its shareholders on the transaction.

The funding comes as Indian consumer brands increasingly look beyond e-commerce to offline retail, local manufacturing and category expansion to capture the country’s growing fitness and active-lifestyle market.