The Wealth Company Alternates, part of Pantomath Group, has invested approximately Rs 400 crore ($41.8 million) in Boldfit as part of the homegrown sports brand’s Series B funding round.
The investment was made through Bharat Value Fund, a Category II alternative investment fund (AIF).
Boldfit plans to use the capital to expand its retail presence across India, invest in product innovation and strengthen its manufacturing capabilities. It will also explore acquisitions to expand its presence in existing categories and build new capabilities.
“India is undergoing a fundamental shift in how it engages with fitness and sports. Active living is no longer confined to a facility or occasional play- it is transitioning into a frequent, daily household habit across the country,” said Madhu Lunawat, Founder and Whole-time Director, at Wealth Company Asset Management.
Established in 2018, Boldfit operates across sportswear, athletic footwear, sports equipment and fitness essentials. The company serves more than 2 crore customers annually and has grown at a compound annual growth rate (CAGR) of over 80% in the past three years, according to the company.
“Our ambition is to see India become a sporting powerhouse, with greater participation, stronger sporting talent and many more medals on the world stage,” said Pallav Bihani, Founder and CEO, Boldfit.
Avendus Capital facilitated the transaction.
With this deal, Bharat Value Fund has made four investments in the past 12 months, including Zetwerk Manufacturing, Amnex Infotechnologies and Big Mishra. Its investments span manufacturing, technology and consumer markets.
Boldfit also counts Bessemer Venture Partners and Indian sportspersons KL Rahul and Sania Mirza among its investors.
