Boldfit, a Bengaluru-based sports and fitness brand, has raised over ₹400 crore (nearly US$42 million) in its Series B funding round led by Bharat Value Fund. The fund is managed by The Wealth Company Alternates, which is part of the Pantomath Group, and existing investor Bessemer Venture Partners also participated in the round. The company intends to use the fresh capital to support nationwide retail expansion, product innovation, manufacturing, and selective inorganic opportunities.
Funding Structure and Investor Details
Bharat Value Fund invested approximately ₹400 crore in Bling Brands Pvt Ltd, the operating entity behind Boldfit. According to a person familiar with the development, the fund acquired a minority stake in the company through its third and fourth funds as part of a primary transaction. The deal represents the fourth investment made by Bharat Value Fund this year, following earlier commitments to BGauss, Incuspaze, and Dharwad Big Mishra Pedha.
Strategic Growth and Expansion Plans
Boldfit will deploy the proceeds toward expanding its retail presence across India, advancing product innovation, and strengthening manufacturing capabilities. The company also stated that it will selectively pursue inorganic opportunities to deepen its category presence and capabilities. Co-founded by Pallav Bihani and Aasshna Guptaa in 2018, Boldfit offers more than 400 products across apparel, fitness equipment, nutrition supplements, and accessories.
Financial Performance and Customer Reach
Boldfit said it serves over 2 crore customers annually and covers sports such as basketball, cycling, football, volleyball, badminton, and cricket. The company reported operating revenue of ₹304 crore for FY25, up 2.17X from ₹140 crore in FY24. Net profit increased to ₹35 crore in FY25 from ₹16.82 crore in the previous fiscal year, while FY26 financials have not yet been filed.
Leadership and Advisor Commentary
Madhu Lunawat, Founder and Whole-Time Director at Wealth Company Asset Management, said the investment reflects confidence in Boldfit's growth potential and the broader shift toward active living in India. Pallav Bihani, Founder and CEO of Boldfit, said the company is building an integrated sports business focused on product innovation, manufacturing excellence, and nationwide retail. Avendus Capital acted as the exclusive financial advisor to Boldfit for the transaction.
Bharat Value Fund's Investment Strategy
Bharat Value Fund, managed by The Wealth Company under the India Inflexion Opportunity Trust, closed its third fund at around ₹2,500 crore (US$261.3 million). Its fourth fund has achieved a first close at a little under ₹2,000 crore and is targeting a total corpus of ₹4,000 crore with a tenure of 66 months. The fund focuses on mid-market, high-growth companies in tier II and tier III cities with revenues between ₹300 crore and ₹1,000 crore.
Prior Funding and Investor Support
Boldfit had previously raised ₹110 crore (around US$13 million) in a funding round led by Bessemer Venture Partners in November 2024. The startup also raised US$8.37 million from existing investors, including cricketer KL Rahul, during its earlier financing efforts. These investments supported the company's initial growth and helped position it for the current expansion phase.
The Series B round positions Boldfit to scale its product portfolio, manufacturing base, and retail footprint across a rapidly growing Indian sports and fitness market. With support from Bharat Value Fund and Bessemer Venture Partners, the company is pursuing a strategy that combines organic growth with targeted acquisitions. Boldfit aims to build a sports brand for a billion Indians while maintaining profitability and expanding its customer reach.