New Delhi, July 2 -- Bling Brands Pvt Ltd, the company behind fitness brand Boldfit, is planning to raise a large funding round, two people aware of the development told VCCircle.
The Bengaluru-headquartered company, which counts venture capital firm Bessemer Venture Partners and Indian cricketer KL Rahul as its investors, intends to garner $80 million to $100 million (Rs 760-950 crore), one of the persons said, asking not to be named.
The person, however, added that the amount and other financial terms may change depending on investor interest.
The second person, who also didn't wish to be named, said that investment bank Avendus Capital is believed to be helping the company find potential investors.
This person said the company is operating at an annual run rate of Rs 450 crore and may seek a revenue multiple of at least 5x to finalise its valuation. VCCircle couldn't verify this claim.
Boldfit's revenue from operations nearly doubled to Rs 139.70 crore for FY24 from Rs 73.71 crore the year before, according to VCCEdge. Earnings before interest, tax, depreciation and amortisation jumped to Rs 23.88 crore from Rs 13.42 crore while net profit inched higher to Rs 16.81 crore from Rs 15.72 crore. The company's financial statements for FY25 and FY26 weren't immediately available.
An email query and phone calls to Boldfit remained unanswered till the time of publishing this article. An Avendus Capital spokesperson declined to comment on the development.
Boldfit was founded by Aasshna Guptaa and Pallav Bihani in 2018. The company offers activewear, fitness accessories, and sports equipment via its website and e-commerce platforms.
The company raised Rs 110 crore in Series A funding from Bessemer Venture Partners in 2024. Prior to that, the company secured investment from cricketer KL Rahul. According to VCCEdge, the company mopped up about Rs 2.1 crore from several angel investors earlier this year in an extended Series A round.
Meanwhile, the broader sports segment in India has seen some interest from financial and strategic investors.
For instance, last month, venture capital firm Sixth Sense Ventures invested in sports presentation technology company InFieldSports Technology Pvt Ltd. In 2024, performance wear brand TechnoSport raised Rs 175 crore in its first external fundraising, from growth-stage private equity firm A91 Partners.
In May, a consortium comprising Aditya Birla Group, Times of India Group, Bolt Ventures, and Blackstone agreed to acquire Indian Premier League franchise Royal Challengers Bengaluru for $1.78 billion while a consortium led by steel billionaire Lakshmi Mittal and vaccine tycoon Adar Poonawalla agreed to acquire IPL team Rajasthan Royals for $1.65 billion.
Published by HT Digital Content Services with permission from VC Circle.