The venture capital firm Bessemer Venture Partners has contributed Rs. 110 crore, or roughly US $ 13 million, to Boldfit, a direct-to-consumer brand of clothing and workout gear.
The start-up, which has the backing of cricketer KL Rahul, plans to use the money to further product innovation and build its brand. The company was founded in 2018 by Pallav Bihani and offers fitness apparel, accessories and basic sports equipment.
“Activewear, athleisure, and footwear will become essential as we expand into a bigger fitness powerhouse in the upcoming years. Although they already account for a sizable amount of our business, we are continually investigating and expanding these sectors,” said Bihani.
The company offers its products through its own direct-to-consumer channel, quick-commerce platforms, and e-commerce marketplaces. In the upcoming 12 to 18 months, it intends to open physical shopfronts.
“We made roughly Rs. 140 crore (US $ 16.6 million) in revenue the previous year (fiscal 2024), and this year appears to be going rather well, in my opinion. We’re expanding quickly right now, and there’s plenty of headroom for expansion,” added Bihani. Its reported revenue for FY ’23 was Rs. 73 crore (US $ 8.65 million).
