KL Rahul-backed Boldfit raises Rs 110 Cr from Bessemer Venture
Bengaluru-based fitness brand Boldfit plans to use the funds for product development and brand expansion.
Fitness brand Boldfit on Thursday said it raised Rs 110 crore in its series A round from Bessemer Venture Partners (BVP).
Boldfit, which sells everything from yoga mats and water bottles to protein powers and exercise apparel, plans to use the latest infusion for product innovation and brand expansion.
Boldfit, which was founded by Pallav Bihani in 2019, had earlier announced a strategic investment from cricketer KL Rahul in July. Rahul also joined the company as a brand ambassador.
“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. We're excited to partner with Pallav and the team in their next stage of growth," noted Anant Vidur Puri, Partner at Bessemer Venture Partners.
Boldfit had earlier outlined its plans to use the funds for the development of new product lines and enhance customer engagement through targeted campaigns and community development initiatives. Additionally, the company is also looking to optimise its supply chain and improve logistics to reduce delivery times.
Boldfit said it clocked revenue of Rs 73 crore in FY24 and expects to cross the Rs 500 crore threshold by FY26, which it had shared with Yourstory earlier.
The company currently claims to serve over one crore customers annually.
Edited by Affirunisa Kankudti