Bengaluru-based D2Csports and fitness brandBoldfit has raised Rs 400 crore in a Series B fundinground from Bharat Value Fund, as it looks to expand its presence across sportswear, athletic footwearand fitnessequipment in India.
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The fund is a Category II Alternative Investment Fund (AIF) managed by The Wealth Company Alternates, part of the Pantomath Group.
Boldfit plans to use the fresh capital to expand its physical retail network across India, strengthen manufacturing capabilities and invest in product development. The startup also intends to pursue selective acquisitions to enter new categories or strengthen its existing operations.
Founded in 2018 by Pallav Bihani, Boldfit offers performance sportswear, athletic footwear, sports equipment and fitness essentials.
According to the startup, it serves more than 2 crore customers annually across India. Its expansion plans are aimed at building a wider sports business beyond its existing fitness products.
“We’re 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,” Bihani said.
Boldfit’s previous funding and expansion plans
The latest investmentfollows Boldfit’s Rs 110 crore Series A funding roundfrom Bessemer Venture Partners in November 2024. The two rounds together account for Rs 510 crore in disclosed funding.
During its previous fundraise, the startup outlined plans to open offline stores over the following 12 to 18 months, alongside investments in new products and brand expansion.
Boldfit sells its products through its own website, e-commerce marketplaces and quick-commerce platforms. Its move into physical retail is intended to add another distribution channel as the startup broadens its product portfolio.
It also counts Indian cricketer KL Rahul and former tennis player Sania Mirza among its investors.
For Bharat Value Fund, the Boldfit investment marks its fourth significant deal in the past 12 monhs, with the fund reporting an average investment size of around Rs 400 crore across the four transactions.
The Wealth Company Alternates has also invested in businesses including Zetwerk Manufacturing, Amnex Infotechnologies and Big Mishra.
Avendus Capital advised Boldfit on its fundraising process.
The funding comes as Indian sportswear and fitness businesses seek to expand their product ranges and distribution networks, supported by growing consumer interest in health and fitness.
