Boldfit, a Bengaluru-based seller of sportswear, athletic footwear, sports equipment and fitness accessories, has raised about ₹400 crore (about $41.8m) in a Series B round, the company said on October 12, 2026.
The round was led by Bharat Value Fund, a Category II alternative investment fund managed by The Wealth Company Alternates, part of the Pantomath Group. Existing investor Bessemer Venture Partners also took part, according to PTI reporting carried by Business Today and Gulf News. Some reports put the amount at more than ₹400 crore.
Inc42 reported that the round takes Boldfit's total funding past ₹510 crore (about $53m). The company did not disclose a valuation. Avendus Capital acted as exclusive financial adviser to Boldfit and its shareholders, Business Today reported.
What Boldfit does
Pallav Bihani founded Boldfit in 2018. The brand sells performance clothing, shoes, gym and sports equipment and other fitness products, and built its business largely as a direct-to-consumer label selling online.
The company says it serves more than 2 crore (20 million) customers a year across India. Business Today and Gulf News reported that it has grown at a compound annual rate of more than 80% over the past three years. Boldfit has not published revenue or headcount figures in the coverage of this round.
Cricketer KL Rahul invested in the company in July 2024 and became its brand ambassador, and former tennis player Sania Mirza is also among its celebrity backers, according to the reports.
Who invested
Business Today and Gulf News described the deal as Bharat Value Fund's largest investment in the consumer sector so far. Business Today said it was the fund's fourth significant investment in 12 months, after Zetwerk Manufacturing, Amnex Infotechnologies and Big Mishra, with the four deals averaging about ₹400 crore each.
Bessemer Venture Partners first backed Boldfit in November 2024, when it put ₹110 crore into the company in what was reported as a Series A. At the time, Boldfit said it planned to open offline stores within 12 to 18 months, Inc42 reported.
What the money is for
Boldfit said it will use the new capital to expand its retail presence across India, increase manufacturing capacity, invest in product development and pursue selective acquisitions to add capabilities across categories. Bihani said the company is building an integrated sports business that spans product, manufacturing and nationwide retail, according to Inc42.
The company has not said how many stores it plans to open, where they will be, or how much of the round will go to each area. The plan marks a shift for a brand that grew mainly through online sales, and follows the offline expansion it first flagged when Bessemer invested in 2024.
A busy market for Indian sports brands
Inc42 estimated India's fitness and sports goods market at $16bn, projected to reach $35bn by FY31. Other Indian sportswear and athleisure brands have raised money this year: Agilitas raised ₹225 crore in June from Nexus Venture Partners and Rainmatter, and CAVA raised a ₹40 crore Series A in January led by Sharrp Ventures, Inc42 reported.
Company website: boldfit.com