Boldfit's 400 Crore Round: Bharat Value Fund Leads Sports Push

Posted on 13th Oct 2026 12:11:27 in Business, Digital Marketing

Tagged as: Boldfit, Bharat Value Fund, Series B, D2C, Sports and Fitness, Startup Funding

Boldfit, the Bengaluru-based sports and fitness products brand, has raised more than Rs 400 crore in its Series B funding round, led by Bharat Value Fund, the Category II alternative investment fund managed by The Wealth Company Alternates, part of the Pantomath Group. The round, announced on Monday, also saw participation from existing investor Bessemer Venture Partners.

Boldfit said the fresh capital will fund nationwide retail expansion, product innovation and manufacturing, along with selective acquisitions to strengthen its presence across categories. Avendus Capital acted as the exclusive financial adviser on the transaction.

The cheque is among the biggest that an Indian consumer brand has raised this year, and it lands in a segment that has quietly become one of the most competitive in Indian consumer business: sports and fitness goods. For small and mid-sized sellers in this space, the deal carries lessons about where demand is heading and what large investors now reward.

What Boldfit Will Do With Rs 400 Crore

Boldfit's statement lists four priorities for the money, and each one maps to a stage of growth that many Indian D2C brands reach after they cross the Rs 100 crore revenue mark:

• Nationwide retail expansion, moving the brand from its e-commerce base into physical stores across India
• Product innovation across sportswear, athletic footwear, sports equipment and fitness essentials
• Manufacturing investments to build integrated product development in India
• Selective acquisitions to strengthen its presence and capabilities across categories

"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," said Pallav Bihani, founder and CEO of Boldfit.

The offline push is not a new direction. When Boldfit raised Rs 110 crore from Bessemer Venture Partners in November 2024, it said it intended to open offline stores over the following 12 to 18 months. This round gives that plan a much bigger balance sheet.

The Business Behind the Brand: Customers, Revenue and Profit

What makes the round notable is not only its size but the numbers behind it. Boldfit was co-founded in 2018 by Pallav Bihani and Aasshna Guptaa, and has grown into an e-commerce platform selling more than 400 products - sportswear, athletic footwear, equipment and accessories across sports such as basketball, cycling, football, volleyball, badminton and cricket, plus gym and fitness essentials.

• The company says it serves more than 2 crore customers annually
• It has grown at a compound annual growth rate of over 80 per cent for the past three years
• Operating revenue jumped to Rs 304 crore in FY25 from Rs 140 crore in FY24
• Profit rose to Rs 35 crore in FY25 from Rs 16.82 crore the year before
• Total funding raised so far crosses Rs 510 crore, and its investors include cricketer KL Rahul and former tennis star Sania Mirza

Those profitability numbers matter in the current funding climate. Madhu Lunawat, founder and whole-time director of Wealth Company Asset Management, said Boldfit's founder "has achieved what few direct-to-consumer founders are able to manage - rapid, category-defining scale anchored by profitability."

India's Sports and Fitness Market: From $16 Billion to $35 Billion

The investment is a bet on a market that is expanding fast. India's fitness and sports goods market is estimated at approximately $16 billion today and is projected to grow at a CAGR of more than 16 per cent to reach $35 billion by FY31, according to market estimates cited by the company and its investors. Rising disposable incomes, a young population, growing health awareness and the mainstreaming of active lifestyles and athleisure are all pulling demand upward.

"India is undergoing a fundamental shift in how it engages with fitness and sports. Active living is no longer confined to a facility or occasional play - it is transitioning into a frequent, daily household habit across the country," Lunawat said.

Investors have been moving accordingly. In June, sportswear startup Agilitas raised Rs 225 crore from Nexus Venture Partners and Rainmatter, the investment arm of Zerodha. In January, athleisure brand CAVA announced a Rs 40 crore Series A led by Sharrp Ventures, and in July, omni-channel sports retailer PlayBlue raised $2.7 million in seed funding. The category now spans equipment, apparel, footwear and nutrition - each with room for new brands.

Why the Deal Matters for Small Businesses and D2C Brands

Five signals stand out for founders, sellers and small retailers watching India's consumer economy:

• Online-first brands are going offline. Boldfit is using its largest cheque yet to open physical stores, not to buy more digital ads. For small sellers, the same logic works at smaller scale: a shop counter, a stall or a local partner can add reach that pure e-commerce cannot.
• Profitability is what gets rewarded. A brand that earns Rs 35 crore on Rs 304 crore of revenue attracted one of the year's biggest cheques. Growth alone is no longer enough for large investors.
• Niche sports are real markets. Boldfit sells gear for badminton, volleyball, cycling and basketball - not just cricket. Sellers who serve specific sporting communities face far less competition than those chasing generic fitness trends.
• Growth-stage capital is available for scaled operators. This was Bharat Value Fund's fourth deal in twelve months, after Zetwerk Manufacturing, Amnex Infotechnologies and Big Mishra, at an average size of around Rs 400 crore each. Funds are hunting for businesses with proven scale.
• Small-town demand is the next frontier. Retail expansion plans by brands like Boldfit are aimed at the same tier 2 and tier 3 markets where local sports shops, gyms and academies operate - more branded supply means more awareness for the whole category, which helps local sellers too.

For small manufacturers and sellers of sports goods, the message from this round is that India's sports and fitness market is being taken seriously by serious money. The brands that win the next five years will be the ones that pair online distribution with physical presence, keep margins healthy and serve communities that bigger players have ignored.

Sources

• Entrackr - KL Rahul-backed Boldfit raises over Rs 400 Cr in Series B round led by Bharat Value Fund
• The Economic Times - The Wealth Company AIF invests Rs 400 crore in Boldfit
• Inc42 - D2C Brand Boldfit Raises Rs 400 Cr From Bharat Value Fund For Retail Expansion
• YourStory - The Wealth Company AIF invests Rs 400 Cr in Boldfit
• Moneycontrol - Boldfit raises Rs 400 crore in funding from Bharat Value Fund