Bengaluru-based direct-to-consumer fitness brand Boldfit is seeking to raise $80 million to $100 million from private equity investors as it looks to capitalize on India’s rapidly expanding fitness and sports market. The company, operated by Bling Brands Pvt Ltd, is targeting a valuation of roughly ₹3,000 crore to ₹4,000 crore based on forward-looking revenue multiples, according to people familiar with the fundraising process.
Boldfit has appointed Avendus as an adviser for the fundraising, with several private equity firms expected to be approached. Potential investors include Sofina, Verlinvest, Venturi Partners, Motilal Oswal’s private equity arm and Kedaara Capital. The discussions are at an early stage and the final size, valuation and investor participation could change. Boldfit and the funds mentioned did not respond to Mint’s requests for comment, while Avendus declined to comment.
Boldfit Targets Up to $100 Million Funding
The proposed fundraise would represent a major step up from Boldfit’s previous institutional funding round.
The company is seeking:
- $80 million-$100 million in fresh capital.
- A potential valuation of ₹3,000 crore-₹4,000 crore.
- Participation from leading private equity investors.
- Strategic capital to expand its presence in India’s fitness and sports market.
Fundraising Snapshot
| Particular | Details |
|---|---|
| Company | Bling Brands Pvt Ltd |
| Brand | Boldfit |
| Proposed Fundraise | $80 million-$100 million |
| Target Valuation | ₹3,000 crore-₹4,000 crore |
| Adviser | Avendus |
| Potential Investors | Sofina, Verlinvest, Venturi Partners, Motilal Oswal PE, Kedaara Capital |
Private Equity Funds Show Interest
Several prominent investment firms are expected to be sounded out as part of the fundraising process.
Sofina, Verlinvest and Venturi Partners are among the investors being considered. Venturi typically invests between $15 million and $40 million, although it can participate in larger transactions through co-investments. Motilal Oswal’s private equity arm and Kedaara Capital are also expected to be approached.
The potential participation of large private equity investors highlights the growing institutional interest in India’s consumer and fitness businesses, particularly brands that have established digital distribution and demonstrated profitability.
Boldfit’s Business Has Expanded Rapidly
Founded in 2019 by Pallav Bihani and Aasshna Guptaa, Boldfit designs, manufactures and sells products across fitness, sports and athleisure categories. Its portfolio includes fitness equipment, footwear, apparel and accessories.
Its products cover activities including:
- Gym training
- Running and walking
- Yoga
- Swimming
- Trekking
- Home fitness
Products include pull-up bars, resistance bands, lifting equipment, running shoes, walking shoes and athleisure products.
Revenue Nearly Doubled
Boldfit’s financial performance has been one of the key factors behind its latest fundraising ambitions.
According to filings sourced by Tofler from the Ministry of Corporate Affairs, the company’s operating revenue nearly doubled to ₹139.70 crore in FY25 from ₹73.71 crore in FY24. Net profit increased to ₹16.81 crore from ₹15.71 crore over the same period.
Financial Performance
| Metric | FY24 | FY25 |
|---|---|---|
| Operating Revenue | ₹73.71 crore | ₹139.70 crore |
| Net Profit | ₹15.71 crore | ₹16.81 crore |
| Revenue Growth | — | Nearly 90% |
The figures point to strong top-line expansion while maintaining profitability, an attractive combination for private equity investors looking for scalable consumer businesses.
Previous Funding From Bessemer
Boldfit last raised ₹110 crore in 2024 in a funding round led by Bessemer Venture Partners. The company also counts Indian sports personalities KL Rahul and Sania Mirza among its investors.
The proposed $80 million-$100 million round would therefore be substantially larger than the company’s previous institutional raise and could provide significant capital for the next phase of expansion.
India’s Fitness Economy Is Expanding
Boldfit’s fundraising comes as India’s fitness economy moves beyond traditional gyms and fitness centres toward a broader ecosystem covering equipment, apparel, nutrition, digital services and wellness products.
A report by Deloitte India and the Health & Fitness Association cited by Mint estimates that India’s fitness industry could grow at a 15% compound annual growth rate, from $1.9 billion in 2024 to $4.5 billion over the following four years.
Rising health awareness, higher disposable incomes and increased digital adoption are helping fitness products reach consumers beyond India’s largest metropolitan areas.
Competition Is Getting Stronger
Boldfit operates in an increasingly crowded market that includes both digital-first Indian brands and established global sportswear companies.
Its competitive landscape includes:
- Cult.Fit
- HealthKart
- Technosport
- BlissClub
- Puma
- Nike
- Decathlon
The expansion of India’s sports and fitness market is attracting investment across both startups and established retail businesses, with companies increasingly building omnichannel distribution networks to reach consumers through online and physical channels.
Why the Fundraise Matters
The proposed funding could give Boldfit the financial resources to scale manufacturing, expand its product range, strengthen its brand and increase its distribution footprint.
For private equity investors, the company offers several characteristics that could make it attractive:
- Rapid revenue growth.
- Existing profitability.
- A broad consumer product portfolio.
- Exposure to a fast-growing fitness market.
- A digital-first distribution model.
- Potential to expand into additional categories.
However, the proposed valuation of ₹3,000 crore-₹4,000 crore represents a substantial premium over the company’s current revenue base, making future growth and execution particularly important.
Looking Ahead
Boldfit’s proposed $80 million-$100 million fundraising round reflects the growing appetite among private equity investors for India’s emerging consumer and fitness brands. With revenue nearly doubling to ₹139.70 crore in FY25 and the company remaining profitable, Boldfit has built a foundation that could support a larger expansion into fitness equipment, footwear, apparel and other sports categories. The targeted ₹3,000 crore-₹4,000 crore valuation also signals the expectations being placed on the company’s future growth.
Looking ahead, Boldfit will need to balance rapid expansion with brand building, inventory management and profitability as competition intensifies. If the company successfully closes the proposed fundraise, the capital could accelerate its transition from a digital-first fitness brand into a broader sports and wellness business, while India’s expanding fitness economy provides a larger addressable market for its next stage of growth.
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