KL Rahul-Backed Boldfit Raises Over Rs 400 Crore in Series B Round Led by Bharat Value Fund
Bengaluru-based homegrown sports brand Boldfit has raised over Rs 400 crore, nearly $42 million, in its Series B funding round led by Bharat Value Fund, a Category II alternative investment fund managed by The Wealth Company Alternates, part of the Pantomath Group. Existing investor Bessemer Venture Partners also participated in the round.
Here’s what the money is meant to do. Boldfit plans to use the capital for nationwide retail expansion, product innovation and strengthening its manufacturing capabilities, while also selectively pursuing acquisitions to build presence and capability across product categories. Avendus Capital acted as the exclusive financial advisor on the deal.
The company’s footprint explains the investor interest. Founded in 2018 by Pallav Bihani, Boldfit sells performance sportswear, athletic footwear, sports equipment and fitness essentials across sports like basketball, cycling, football, volleyball, badminton and cricket, with over 400 products in its portfolio. It says it serves more than 2 crore customers annually and has grown at a compound annual rate above 80% over the past three years. Its stated ambition is to build a sports brand for a billion Indians through product innovation, manufacturing and nationwide distribution.
The funding history shows a clear step-up. Boldfit had earlier raised Rs 110 crore in a round led by Bessemer Venture Partners in November 2024, along with $8.37 million from existing investors, including cricketer KL Rahul. Tennis player Sania Mirza is also among its backers. With this round, the company’s total funding has crossed Rs 510 crore, and this marks Bharat Value Fund’s largest investment in the consumer sector to date, and its fourth major deal in the past 12 months, after Zetwerk, Amnex Infotechnologies and Big Mishra.
A reality check worth keeping in mind: a bigger cheque doesn’t automatically mean a healthier business, and Boldfit now has to prove it can turn offline retail and manufacturing investments into sustainable profitability in a competitive fitness and sports market.
Still, a jump from a Rs 110 crore Series A to a Rs 400 crore Series B in under two years shows how strongly investors are backing India’s homegrown sports and fitness brands.
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— Sandeep Raiza