Bling Brands Pvt Ltd, which operates direct-to-consumer fitness brand Boldfit, has initiated a process to raise $80-100 million from private equity funds, three people familiar with the matter said.
“Several funds including Sofina, Verlinvest and Venturi Partners are expected to be sounded out to gauge their interest in the company,” the first person said. While Venturi typically writes smaller cheques in the range of $15-40 million, it can take part in larger rounds through co-investments, the person explained.
“Other investors such as Motilal Oswal’s private equity arm and Kedaara Capital are also expected to be tapped as a part of the process,” the second person said. “The company is roughly seeking a valuation of about ₹3,000-4,000 crore based on forward-looking revenue multiples,” the third person indicated.
The people added that Boldfit has mandated Avendus as an advisor to help with the process. All of them spoke on the condition of anonymity as the discussions are still private.
India’s fitness economy has gained strong momentum in recent years across major urban areas and smaller towns. The industry is expected to grow at a CAGR of 15% from $1.9 billion in 2024 to $4.5 billion over the next four years, according to a report by Deloitte India and the Health & Fitness Association (HFA).
“Boldfit and the funds did not respond to Mint’s requests for comment, while Avendus declined to comment.”
Growing business
Founded in 2019 by Pallav Bihani and Aasshna Guptaa, Boldfit designs, manufactures and sells products across fitness and sports categories, including equipment, sports shoes, sneakers and apparel.
The company last raised ₹110 crore in a funding round led by Bessemer Venture Partners in 2024. It also counts KL Rahul and Sania Mirza as investors.
Its product portfolio spans sports such as swimming, yoga and trekking, with offerings including pull-up bars, resistance bands, lifting gear, running and walking shoes, and athleisure, among others.
Boldfit’s operating revenue nearly doubled to ₹139.70 crore in FY25 from ₹73.71 crore a year earlier. Its net profit widened to ₹16.81 crore from ₹15.71 crore in FY24, according to filings sourced by Tofler from the ministry of corporate affairs. The company is yet to file its financials for FY25 and FY26.
Crowded market
Within the health, fitness and athleisure market, Boldfit competes with other new-age D2C digital brands as well as large international sports labels such as Cult.Fit, HealthKart, Technosport, BlissClub, Puma, Nike and Decathlon, as per online reports.
The growth reflects a broader shift in consumer behaviour, with fitness increasingly viewed not as a niche pursuit but as a national movement and way of life. Rising health awareness following the pandemic, higher disposable incomes and a digitally connected population are helping expand the market beyond traditional boundaries, Deloitte report added.