Boldfit, a direct-to-consumer fitness startup, has successfully raised Rs 110 crore (approximately $13 million) in its latest funding round, led by Bessemer Venture Partners. The Bengaluru-based company plans to use these funds to enhance its product offerings and expand its brand reach.
A Growing Fitness Brand with Big Ambitions
Founded in 2018 by Pallav Bihani and Aasshna Guptaa, Boldfit is focused on revolutionizing the fitness space in India. The platform offers a wide variety of sports and fitness products, ranging from apparel and fitness equipment to nutrition supplements and accessories. It caters to a broad spectrum of sports, including cricket, football, badminton, basketball, and cycling. The company boasts a catalog of over 400 products, all available at affordable prices to cater to the growing fitness-conscious population in India.
Boldfit’s mission is to make fitness more accessible to enthusiasts across the country. With over 10 million customers already served, the company is gaining traction quickly in the Indian market. Its partnerships with Indian Premier League (IPL) teams, such as Mumbai Indians and Royal Challengers Bangalore, have helped boost its visibility among sports fans.
Focus on Product Innovation and Expansion
The fresh funding is expected to propel Boldfit’s plans for further product innovation and brand expansion. The company aims to build on its existing product categories and continue to set new benchmarks for quality and innovation in the fitness industry. This move is crucial as the fitness and wellness sector in India continues to grow at an impressive rate.
In addition to expanding its product portfolio, Boldfit has announced plans to open offline stores in the next 12 to 18 months. This marks a significant step in the company’s growth strategy, as it aims to tap into the growing demand for fitness products in physical retail spaces. The company also has expansion plans for the Middle East, where fitness culture is rapidly gaining momentum.
Fitness Market in India Set for Explosive Growth
The Indian fitness market, valued at $20 billion in 2023, is projected to reach $32 billion by 2028, growing at an annual rate of 27%. This rapid growth in the fitness sector presents a golden opportunity for Boldfit to scale its operations and take advantage of the increasing demand for fitness products and services.
The company’s unique combination of e-commerce and offline retail will allow it to capture a broader customer base while continuing to innovate with new fitness solutions. With strong backing from investors like Bessemer and KL Rahul, Boldfit seems well-positioned to ride the wave of India’s fitness boom and establish itself as a dominant player in the market.
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