The Wealth Company AIF invests Rs 400 crore in Boldfit
Founded in 2018 by Pallav Bihani, Boldfit offers sportswear, athletic footwear, sports equipment, and fitness essentials. It has grown at a compound annual growth rate (CAGR) of more than 80% over the past three years and serves over 2 crore customers annually, according to a company statement.
The Wealth Company Alternates, a division of the Pantomath Group, recently allocated around Rs 400 crore in a series B funding round for fitness and sports products brand Boldfit, as disclosed on Monday. This investment is intended to fuel Boldfit's growth by expanding into physical retail, enhancing product innovation, bolstering manufacturing capabilities, and making strategic acquisitions to strengthen its market presence across multiple categories.
Boldfit, founded in 2018 by Pallav Bihani, specializes in sportswear, athletic footwear, sports equipment, and fitness essentials. The company has demonstrated impressive growth, with a compound annual growth rate (CAGR) of over 80% over the past three years and an annual customer base of over 2 crore, as stated in a company announcement.
Prior to this funding round, Boldfit had secured Rs 110 crore from Bessemer Venture Partners in its series A round in 2024. Notable investors in Boldfit include sportspersons KL Rahul and Sania Mirza. This investment represents the fourth significant deal by the Bharat Value Fund within the past year, following investments in Zetwerk Manufacturing, Amnex Infotechnologies, and Big Mishra. The fund has allocated an average of approximately Rs 400 crore across these investments.
India's fitness and sports goods market is valued at approximately $16 billion and is expected to grow at a CAGR of 16%, reaching $35 billion by FY31. This projected growth is driven by factors such as rising disposable income, a young population, increasing health awareness, and the adoption of an active lifestyle and athleisure fashion.
Madhu Lunawat, founder and whole-time director of Wealth Company Asset Management Private Limited, commented on the shift in India's approach to fitness and sports, stating, "Active living is no longer confined to a facility or occasional play — it is transitioning into a frequent household habit across the country."
Pallav Bihani, the CEO of Boldfit and co-founder of the Pantomath Group, expressed the company's ambition to contribute to transforming India into a sporting powerhouse, with more participation, stronger talent, and a higher number of medals achieved internationally. Boldfit aims to play a pivotal role in this transformation as part of the company's strategy. Avendus Capital served as the exclusive financial adviser to Boldfit and its shareholders during the transaction.
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