Boldfit raises ₹400 crore from Bharat Value Fund for nationwide expansion
The Bengaluru startup will use the fresh capital to open physical stores, boost domestic manufacturing, and explore acquisitions.
What happened
Bengaluru-based fitness and sportswear brand Boldfit has raised ₹400 crore ($41.8 million) in a Series B funding round from Bharat Value Fund.
The company will use the new capital to expand its physical retail footprint across India, scale up domestic manufacturing, accelerate product innovation, and pursue targeted acquisitions in the sports and wellness segment.
This investment brings Boldfit’s total raised capital to over ₹510 crore, coming shortly after a ₹110 crore funding round led by Bessemer Venture Partners in November 2024. The brand, founded in 2018 by Pallav Bihani, also counts Indian cricketer KL Rahul and former tennis star Sania Mirza among its backers.
Growth and retail expansion plans
Boldfit manufactures and sells performance sportswear, athletic footwear, sports equipment, and fitness accessories. The direct-to-consumer brand currently serves more than two crore customers across the country every year through online channels, organised retail, and quick-commerce platforms.
"We are building a deeply integrated sports business, investing in product innovation, manufacturing excellence and nationwide retail to create the scale and capabilities required to serve India’s sporting ambitions," founder and chief executive officer Pallav Bihani said.
The company had previously signaled its intention to launch offline stores over a 12 to 18-month timeline following its late 2024 funding. The latest influx from Bharat Value Fund, an alternative investment fund managed by Pantomath Group’s The Wealth Company Alternates, provides the financial backing needed to establish a strong physical retail presence nationwide.
India's booming sports and consumer market
The fresh fundraise reflects strong investor confidence in India’s domestic consumer market and manufacturing capabilities. Driven by rising disposable incomes, growing health awareness, and expanding retail infrastructure, India’s fitness and sports goods market is projected to reach $35 billion by FY31, up from $16 billion today.
Strong consumer demand has spurred broader investor interest in the Indian sportswear sector. Earlier this year, sportswear company Agilitas raised ₹225 crore from Nexus Venture Partners and Rainmatter, while athleisure brand CAVA secured ₹40 crore in a Series A round led by Sharrp Ventures.
Key numbers
| What | Figure | Source |
|---|---|---|
| Series B funding raised | ₹400 crore ($41.8 million) | Boldfit |
| Total capital raised to date | Over ₹510 crore | Boldfit |
| Annual customer base | 2 crore | Boldfit |
| India sports market projected size by FY31 | $35 billion | Industry estimates |
In this story
| Name | Role in the story |
|---|---|
| Boldfit | D2C sportswear and fitness startup raising capital |
| Pallav Bihani | Founder and CEO of Boldfit |
| Bharat Value Fund | Lead investor in the Series B funding round |
