India's Boldfit raises $41.8M Series B led by Bharat Value Fund
What's the deal? Indian sports brand Boldfit has raised US$54.3M in a Series B round led by Bharat Value Fund, the Category II AIF run by The Wealth Company Alternates, part of Pantomath GroupDealroom has a profile for this one. Try Dealroom →.
What's the endgame? Founded in 2018 by Pallav Bihani, Boldfit sells performance sportswear, athletic footwear, sports equipment, and fitness essentials to more than 20 million customers annually. The company says it has grown at a compound annual rate above 80% over the past three years.
Where's the money going? The funds will back nationwide retail expansion, product innovation, and manufacturing. Boldfit will also selectively pursue acquisitions to strengthen its category presence.
The backers: This is Bharat Value Fund's fourth major investment in the past 12 months, each averaging roughly US$54.3M. Boldfit earlier raised US$14.9M from Bessemer Venture Partners in a 2024 Series A, and counts cricketer KL Rahul and tennis player Sania Mirza among its investors. Avendus CapitalDealroom has a profile for this one. Try Dealroom → advised on the transaction.
Why now? India's fitness and sports goods market is estimated at about $16 billion and projected to grow at over 16% annually, reaching $35 billion by FY31. The company points to rising disposable incomes, a young population, and the spread of e-commerce and quick-commerce into Tier II and Tier III cities as tailwinds.
The signal: At roughly $41.8 million, the round ranks among the largest of its kind — in the 95th percentile for Series B deals in India's sports sector all-time. "Pallav has achieved what few direct-to-consumer founders are able to manage — rapid, category-defining scale anchored by profitability," said Madhu Lunawat, founder and whole-time director at Wealth Company Asset ManagementDealroom has a profile for this one. Try Dealroom →. The deal underscores growing appetite among domestic private equity funds for India's consumer and fitness plays.
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