The Wealth Company Alternates’ Bharat Value Fund (BVF), which closed its third fund at around Rs 2,500 crore ($261.3 million), invested approximately Rs 400 crore (nearly $42 million) in Bling Brands Pvt Ltd, which operates the fitness brand Boldfit.
The investment, which is part of Boldfit's Series B round, is expected to help the brand in its pan-India expansion including through acquisitions, product innovation and manufacturing, according to a statement released by the company.
While the press statement did not give details about the deal, a person close to the development told VCCircle that BVF has picked up a minority stake in the firm through its third and fourth funds in a primary round.
Boldfit, founded by Aasshna Guptaa and Pallav Bihani in 2018, sells activewear, fitness accessories and sports equipment on its website and third-party e-commerce platforms.
Earlier this year, VCCircle had reported that Boldfit was likely to raise a large round for which some investors had evinced interest. A person close the development told VCCircle today that investors who were in discussion for this fundraising round included Malaysia’s sovereign wealth fund Khazanah Nasional Berhad and L Catterton.
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. VCCircle has reported earlier that the company was operating at an annual run rate of Rs 450 crore.
“Our investment reflects our conviction in the company’s growth potential and our approach of partnering with businesses that can build enduring scale and long-term value,” said Madhu Lunawat, founder and whole-time director, Wealth Company Asset Management Pvt Ltd. She added that India was undergoing a fundamental shift in fitness and sports, with active living now transitioning into a frequent, daily household habit.
Avendus Capital acted as the exclusive financial advisor to Boldfit.
“We’re building a deeply integrated sports business, investing in product innovation, manufacturing excellence and nationwide retail to create the scale and capabilities required to serve India’s sporting ambitions,” said Pallav Bihani, founder and chief executive officer of Boldfit.
Neeraj Shrimali, managing director and co-head, Digital, Technology and Consumer Investment Banking, Avendus Capital, said: “The company has built category leadership at scale while remaining profitable, backed by a deep product range and a leading position across platforms.”
The company raised Rs 110 crore in Series A funding from Bessemer Venture Partners in 2024. Cricketer KL Rahul too had invested in the company that year. 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.
The Boldfit investment will be the fourth investment the Bharat Value Fund has made this year.
In January, BVF invested Rs 161 crore via a mix of primary and secondary capital in electric vehicle startup BGauss. In June, managed workspace and office-solutions provider Incuspaze had raised Rs 150 crore ($15.8 million) in a funding round led by Bharat Value Fund and other financial institutions. In August, BVF invested Rs 300 crore in ethnic sweets and snacks brand Dharwad Big Mishra Pedha Pvt Ltd.
BVF, managed by The Wealth Company under the India Inflexion Opportunity Trust (IIOT), has marked the first close of its fourth private equity fund at a little under Rs 2,000 crore, VCCircle had reported.
The Bharat Value Fund Series IV, a Category-II alternative investment fund (AIF), is targeting a corpus of Rs 4,000 crore ($420 million), including a greenshoe option of up to Rs 1,000 crore, with a fund tenure of 66 months. BVF’s third fund focuses on mid-market, high-growth companies in tier II and III cities with revenues of Rs 300-1,000 crore.
BVF's maiden fund was launched in October 2023, and had mopped up Rs 502 crore.
