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Boldfit Seeks $80-100M in PE Funding at Up to ₹4,000Cr Valuation
Boldfit targets $80-100M from PE funds including Sofina, Verlinvest, Venturi. Revenue doubled to ₹140Cr in FY25, valuation sought at ₹3,000-4,000Cr.
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Bling Brands Pvt Ltd, the parent of direct-to-consumer fitness label Boldfit, has started a process to raise $80 million to $100 million from private equity funds, three people familiar with the matter said. The company is targeting a valuation of roughly ₹3,000 crore to ₹4,000 crore based on forward-looking revenue multiples, one of the people said.
Potential investors include Sofina, Verlinvest and Venturi Partners, the first person said. Venturi typically writes cheques of $15 million to $40 million but can participate in larger rounds through co-investments. The second person added that Motilal Oswal's private equity arm and Kedaara Capital are also expected to be approached. Avendus has been mandated as the advisor, the people said. All spoke on condition of anonymity because the discussions are private.
The funding push comes as Boldfit's operating revenue nearly doubled to ₹139.70 crore in the financial year ended March 2025, from ₹73.71 crore a year earlier, according to filings sourced by Tofler from the ministry of corporate affairs. Net profit widened to ₹16.81 crore from ₹15.71 crore in FY24. The company has not yet filed audited financials for FY25 and FY26.
The revenue growth was not matched by profit expansion. Net profit margin narrowed to about 12% in FY25 from roughly 21% a year earlier, the filings show. That pattern is common among D2C brands that reinvest heavily in marketing and distribution to capture market share. Boldfit competes with other new-age digital brands such as Cult.Fit, HealthKart, Technosport and BlissClub, as well as global labels like Puma, Nike and Decathlon, according to online reports.
The valuation sought – 21 to 29 times FY25 revenue – reflects expectations that the top line will continue to grow rapidly. India's fitness economy is projected to expand at a compound annual rate of 15% from $1.9 billion in 2024 to $4.5 billion over the next four years, a Deloitte India and Health & Fitness Association report said. Rising health awareness after the pandemic, higher disposable incomes and a digitally connected population are driving the shift, the report added.