KL Rahul-backed company gets Rs 4 billion in funding

Dubai: Indian sports and fitness brand Boldfit has raised more than Rs 400 crore (Dh 168 million) in a Series B funding round, with cricketer KL Rahul among its prominent investors.

The Bengaluru-based company secured the investment from Bharat Value Fund, managed by The Wealth Company Alternates, part of the Pantomath Group. Existing investor Bessemer Venture Partners also participated in the round, PTI reported.

Founded in 2018 by Pallav Bihani, Boldfit sells sportswear, athletic footwear, sports equipment and fitness accessories. The company plans to use the fresh capital to expand its retail presence across India, increase manufacturing capacity and invest in product innovation. It will also explore acquisitions to strengthen its position in selected product categories.

Boldfit said it has recorded compound annual growth of more than 80 per cent over the past three years and serves more than two crore customers annually.

Rahul invested in the company in July 2024 and became its brand ambassador. Indian tennis legend Sania Mirza is another celebrity investor associated with the brand.

Boldfit previously raised Rs 110 crore (Dh 42.50 million) from Bessemer Venture Partners in a Series A funding round in 2024. The latest investment marks a significant step in its plans to expand beyond its digital business and establish a stronger nationwide retail network.

The Boldfit deal is being described as Bharat Value Fund’s largest investment in the consumer sector so far.

Nevertheless, their investor Rahul is currently playing for Karnataka in the ongoing Ranji Trophy. He scored 4 runs in the first innings against Andhra while going out for a single run in the second. Karnataka will now face Saurashtra on October 18 with Rahul hoping to get his form back.