KL Rahul-Backed Boldfit Can Raise $12-15 Million From Bessemer Venture Partners: Reports

BoldFit, a direct-to-consumer startup that sells sports and fitness equipment, is in talks to fund $12-15 million (approximately Rs 100-120 crore) in its largest institutional round to date, according to persons familiar with the situation.

According to the sources, Bessemer Venture Partners, which has already invested in Swiggy, PharmEasy, Urban Company, and other companies, is expected to participate in the new round.

The KL Rahul-backed company, which sells exercise equipment such as yoga gear, sippers, and even athleisure wear, will use the funds to expand its product line, increase its presence through channels such as Amazon, and explore other areas.

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New money for the D2C company comes at a time when investors are flocking to support consumer startups. Blue Tokai, Plan B, Nutrabay, and a number of other companies have raised funding in recent weeks as investors bet on positive results from consumer companies.

The talks between the two are still in the early stages, so the ultimate terms may alter.

BoldFit and Bessemer Venture Partners did not respond to media inquiries at the time the report was published. The story will be updated as the corporations reply.

BoldFit, founded by Pallav Bihani in 2018, hopes that its first fundraising campaign would assist the Bengaluru-based company compete with larger rivals such as Cultsport (Cultfit) and others while also increasing its market share.

It has already formed partnerships with cricket teams like as the Mumbai Indians to increase its popularity and brand memory. That seemed to have worked well for the corporation, which reported an exceptional financial success in fiscal year 2022-23.

According to Tracxn data, BoldFit’s sales in FY23 was Rs 74 crore, with a net profit of Rs 16 crore. The firm has yet to publicly report its financial statistics for fiscal year 2023-24.