D2C startup BoldFit, which sells sports and fitness products, is in talks to raise $12-15 million or around Rs 100-120 crore in its largest institutional round yet, sources with knowledge of the developments told ISN.
Bessemer Venture Partners, which has backed Swiggy, PharmEasy, Urban Company and more, is likely to participate in the new round, the people added.
He Backed by KL Rahul company – that sells ffitness equipment such as yoga accessories, drinking cups and even sportswear – will use the money to grow its product range and expand its presence on channels such as Amazon and also enter new geographies.
The D2C company’s new funding comes at a time when investors are rushing to back consumer startups. Firms such as Blue Tokai, Plan B, Nutrabay, and others have raised capital in recent weeks as investors bet on favorable results from consumer companies.
Talks between the two are still at an early stage, so there is a chance that the final terms will be different.
BoldFit and Bessemer Venture Partners did not respond to ISN’s queries by the time of publication. The story will be updated when the companies respond.
Founded by Pallav Bihani in 2018, BoldFit’s first fundraise will help the Bengaluru-based company compete with larger rivals like Cultsport (Cultfit) and others and increase its market share.
It is already partnering with cricket teams like Mumbai Indians to boost its popularity and create greater brand recall. That seems to have worked well for the company, which delivered an impressive financial performance in the 2022-23 financial year.
BoldFit posted revenues of Rs 74 crore in FY23 and had a net profit of Rs 16 crore in the same year as per Tracxn data. The startup is yet to publicly report its results for the fiscal year 2023-24.
Disclaimer:
The information contained in this post is for general information purposes only. We make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information, products, services, or related graphics contained on the post for any purpose.
We respect the intellectual property rights of content creators. If you are the owner of any material featured on our website and have concerns about its use, please contact us. We are committed to addressing any copyright issues promptly and will remove any material within 2 days of receiving a request from the rightful owner.