India's sports and fitness market has long been dominated by global giants. Boldfit, a homegrown brand from Bengaluru, is building a case that a local label can compete at scale, and it just raised its biggest round yet.

The company raised more than Rs 400 crore, roughly $42 million, in a Series B round led by Bharat Value Fund, which is managed by The Wealth Company Alternates, part of the Pantomath Group, according to Entrackr. Existing investor Bessemer Venture Partners also participated.

From Online Brand to Sports Platform

Founded in 2018 by Pallav Bihani and Aasshna Guptaa, Boldfit started as a direct-to-consumer brand and has grown into a sports and fitness platform with more than 400 products. Its catalog spans apparel, fitness equipment, nutrition supplements and accessories, covering sports including basketball, cycling, football, volleyball, badminton and cricket.

The company says it reaches more than 2 crore, or 20 million, customers each year. Cricketer KL Rahul is among its backers, giving the brand a recognizable face in a cricket-obsessed market.

Boldfit says its goal is to build "a sports brand for a billion Indians."

Growth That Investors Can See

Unlike many consumer startups chasing growth at a loss, Boldfit is profitable. Operating revenue rose 2.17 times to Rs 304 crore in FY25, up from Rs 140 crore a year earlier. Profit more than doubled to Rs 35 crore from Rs 16.82 crore over the same period. FY26 financials have not yet been filed.

That combination of rapid growth and profitability helps explain the jump in round size. In November 2024, Boldfit raised Rs 110 crore, about $13 million, in a Series A led by Bessemer. The new round is roughly three times larger.

Where the Money Goes

Boldfit plans to use the funding for nationwide retail expansion, product innovation and manufacturing. The company will also strengthen in-house product development and production, and it is open to selective acquisitions to build out its presence across categories.

The retail push marks a shift in strategy. Online channels helped Boldfit scale quickly, but physical stores give customers a chance to try equipment and apparel before buying, an important step for a brand trying to move upmarket and build loyalty.

A Crowded but Growing Market

Boldfit is not alone in chasing India's fitness boom. Agilitas raised Rs 225 crore from Nexus Venture Partners and Rainmatter in June 2026, and smaller players continue to attract seed capital.

The opportunity is significant. Rising incomes, growing health awareness and a young population are driving demand for sportswear and fitness gear, while government efforts to promote domestic manufacturing favor local brands.

The challenge will be executing on retail and manufacturing at the same time, two capital-intensive bets that can strain margins. If Boldfit can maintain profitability while expanding offline, it will have a strong claim to being India's homegrown sports brand.

Source

Entrackr — "KL Rahul-backed Boldfit raises over Rs 400 Cr in Series B round led by Bharat Value Fund"