Summary
- Pallav Bihani began Boldfit with yoga mats and an ₹8 lakh loan from his father, according to an early SMBStory profile.
- Entrackr-reported FY25 figures show ₹304 crore in revenue and ₹35 crore in profit, before the over ₹400 crore Series B in October 2026.
- The ₹400 crore funds stores, manufacturing and new products, so Boldfit’s next test is store economics against Decathlon’s scale.
The Pallav Bihani Boldfit story began with a slipped disc, an ₹8 lakh loan from his father and a stack of yoga mats. On 12 October 2026, the Bengaluru brand announced a Series B of over ₹400 crore (about $42 million). That is more than the ₹304 crore (about $31.8 million) in operating revenue it reported for FY25.
Boldfit’s new investor points to profitability as the reason for the cheque. The harder question is what happens when a brand built on online listings starts paying rent.
USD figures use ₹95.7 to the dollar, the rate implied by October 2026 press reports of the Series B, unless a source gives its own.
In this story (about 10 minutes)
Table of Contents
A slipped disc, a gym habit and an eight lakh rupee loan
Pallav Bihani’s own account starts in school. Speaking to YourStory’s SMBStory, he said he suffered a slipped disc just before his board exams and weighed 105 kilograms. In his first year of college he started training and taking supplements, and the weight came down. What stayed with him was the price. Fitness, he said, was not affordable in India.
Indian Retailer’s July 2024 interview adds that he grew up a cricket fanatic, and that the injury pushed him from cricket towards gym culture. There he learned the product side of the business and saw a gap for good-quality, affordable gear.
His family makes hospital supplies. Bihani joined that business after graduating, then felt he was adding little to a company that already ran well. Fitness looked like the gap worth filling.
The founding date depends on the source. Indian Retailer’s interview piece says December 2018. SMBStory says January 2019. Most funding reports say 2018, and StartupIndiaX does the same.
Yoga mats first, on a loan from his father
Money was tight. Bihani told SMBStory he borrowed ₹8 lakh from his father and did not want outside funding, so a factory was out of reach. He began with yoga mats and hired contract manufacturers to make them under his brand.
His reasoning was simple. Mats suit almost any workout. Competition was crowded, but few Indian brands sold durable mats at fair prices. He sold first to people he knew, then listed the mat on Amazon.
“I knew there was a gap in the market”
Pallav Bihani, founder of Boldfit, to SMBStory (undated profile)
He said the response surprised him. The range grew from there. By the time of that profile, Boldfit sold 30 products across fitness, yoga and nutrition, and Bihani said 17 of them were added in November 2020 alone. Prices started at ₹199. The company claimed an annual turnover of ₹30 crore (about $3.1 million) two years in, a figure StartupIndiaX has not verified.
Supplements came next. Bihani said they are made by third-party manufacturers, with raw materials sourced from several Indian states and WHO-GMP compliance. That is the founder’s description, not an independent check.
He also said tight capital in the early days gave the company the discipline to make hard choices and stay bootstrapped. The same profile records his long-term dream for the brand: to stand on par with Decathlon in India. That line matters in 2026.
From Amazon listings to Blinkit and the IPL
Marketplaces came first. SMBStory lists Amazon, Flipkart and MensXP alongside the company’s own site. By July 2024, Indian Retailer reports, the brand described itself as moving from digital-first to omnichannel. It cited a 10-minute delivery partnership with Blinkit and collaborations with the IPL franchises Mumbai Indians, Chennai Super Kings and Royal Challengers Bangalore.
The D2C logic, as Bihani described it, is control. Direct sales bring feedback from Amazon reviews, post-purchase surveys, influencers and trainer testing, which a CRM team passes to product development. That is the company’s own description of its process.
“Our journey from two yoga mats to over 200 products in just five years”
Pallav Bihani, Boldfit, to Indian Retailer, 30 July 2024
SMBStory’s earlier profile says he began with one product, so accounts of the very first inventory differ.
The company’s numbers from that July 2024 interview: over 200 products, over 8 million customers and 65-plus bestsellers across marketplaces. About three months later, in November 2024, Entrackr reported company claims of more than 400 products and over 10 million customers. StartupIndiaX could not reconcile the product counts, and Boldfit has not explained them.
The 2024 round, a cricketer and a promise of stores
KL Rahul came in as an investor and became the brand’s ambassador, Entrepreneur India reported in November 2024. Boldfit had by then raised $8.37 million from existing investors, Rahul among them.
On 7 November 2024, it announced ₹110 crore (about $13 million) led by Bessemer Venture Partners. Storyboard18 and YourStory call it a Series A. Bessemer partner Anant Vidur Puri said the firm saw sports and fitness as a fast-growing market where Boldfit had become an early leader through product quality, distribution and partnerships. Rahul called the funding a strong step forward for the brand.
The announcement also set a deadline. Boldfit said it would open offline stores within 12 to 18 months and enter the Middle East. Indian Retailer added that pop-up stores and brand activations would come first, with later expansion planned across Delhi, Bengaluru and Hyderabad.
That window closed between November 2025 and May 2026. The sources StartupIndiaX reviewed do not say how many stores, if any, Boldfit has opened since.
What the numbers show before the big cheque
Economic Times reported in November 2024 that Boldfit’s revenue was about ₹140 crore (about $14.6 million) in FY24, up from ₹73 crore (about $7.6 million) in FY23. Entrackr’s figures, reported by Open Magazine on 16 October 2026, put FY25 operating revenue at ₹304 crore (about $31.8 million) and net profit at ₹35 crore (about $3.7 million), up from ₹16.82 crore in FY24. Open calculates FY25 profit at about 11.5% of revenue. FY26 accounts had not been filed. These are media reports, and StartupIndiaX has not checked them against filings.
Open also notes that profit grew slightly slower than sales, which makes margins the number to watch as costs rise.
One caution on data pages. Some explainers label ₹139.70 crore as FY25 revenue. Economic Times reported about ₹140 crore for FY24, so that label looks a year out of step. StartupIndiaX uses Entrackr’s ₹304 crore for FY25.
In its Series B statement, the company says it serves over two crore customers a year and has grown at a CAGR of more than 80% for the last three years (YourStory, 12 October 2026). Both are company claims.
Read More: CarDekho founder story: How Amit and Anurag Jain Built a Jaipur Unicorn
The Series B: who paid and what it is for
On 12 October 2026, The Wealth Company Alternates announced that its Bharat Value Fund, a Category II AIF, had invested about ₹400 crore (about $42 million) in Boldfit’s Series B. Open Magazine reports the round as over ₹400 crore, with Bessemer participating. Boldfit says the money will fund nationwide retail, product innovation and manufacturing, and that it will selectively pursue acquisitions.
Bharat Value Fund called Boldfit its fourth investment in 12 months, with an average deal size of about ₹400 crore. Madhu Lunawat of The Wealth Company said Bihani had managed something few D2C founders do:
“rapid, category-defining scale anchored by profitability”
Madhu Lunawat, The Wealth Company, YourStory, 12 October 2026
Bihani described the plan as building an integrated sports business across product innovation, manufacturing and nationwide retail.
Two things are missing. No valuation was disclosed. A Mint report, summarised by Venture Intelligence, said Boldfit had been targeting $80 million to $100 million at a valuation of ₹3,000 to ₹4,000 crore (about $313 million to $418 million), and StartupIndiaX could not confirm that report’s date. The announced round was about $42 million, and the announcements reviewed state no implied valuation.
Read More: Startup Valuation Calculator
The three figures are $8.37 million in earlier funding (date not disclosed), about $13 million in November 2024 and about $41.8 million in October 2026.
Read More: Funding Round Dilution Calculator
The team changed ahead of the round too. In September 2026, trade outlets reported that Oliver Kaye, formerly chief business officer at Lenskart, joined Boldfit as chief operating officer. Lenskart is an omnichannel retailer, and StartupIndiaX reads the hire as a retail signal. Boldfit has not described it that way.
The Decathlon test for a D2C brand
Bihani named Decathlon as his benchmark in that early SMBStory profile. Open Magazine’s October 2026 analysis makes the same comparison and is blunt about the gap. Decathlon India reported FY25 operating revenue of ₹4,133 crore (about $431.9 million), roughly fourteen times Boldfit’s disclosed figure. The French group has also announced a €100 million investment programme in India, covering stores and manufacturing.
Open adds a warning from Decathlon’s own results. Its Indian business went from a ₹197 crore profit (about $20.6 million) in FY24 to a ₹65 crore loss (about $6.8 million) in FY25, with higher spending on stores and manufacturing part of the reason.
Stores change the arithmetic. Rent, staff and stock sit in every location, and each store has to earn its keep. Open points to store productivity, repeat purchases, inventory efficiency and returns on the capital deployed as the measures that matter. StartupIndiaX’s reading is the same.
Breadth is a second test. Open argues that trust won through a yoga mat does not automatically carry over to footwear or a cricket product, because each category needs its own design and testing. Boldfit sells across more than 400 products, so its brand has to hold up against a shopper comparing materials and fit in person.
Boldfit is not alone in this move. India Retailing has reported that Cult.sport, another sports-first D2C brand, opened its second offline store in Bengaluru’s Indiranagar.
Read More: Zetwerk Founders Story: How Amrit Acharya and Srinath Ramakkrushnan Built Zetwerk
What Boldfit has not said yet
Several answers are still open in the sources StartupIndiaX reviewed:
- Valuation. Not disclosed for the Series B.
- FY26 results. Accounts had not been filed as of October 2026.
- Stores. No store count, format or timeline has been published since the November 2024 promise.
- Use of funds. The company has not said how the ₹400 crore splits between retail, manufacturing and acquisitions, or which brands it may buy.
- Team size. Not disclosed.
- Aasshna Guptaa. Open Magazine, Entrackr and Startup Researcher name her as a co-founder, while company statements credit Bihani as the founder. Her role and stake have not been described in the sources reviewed.
Pallav Bihani Boldfit net worth: why there is no number
Searches for a Pallav Bihani net worth figure returned no credible estimate. That is expected. Boldfit is private, and neither his shareholding nor the Series B valuation has been disclosed.
A company valuation is also not personal wealth. Funding rounds dilute founders, and a stake is shared with co-founders and investors. Dealroom lists an enterprise value estimate of $52 million to $78 million for Boldfit. It appears to predate the Series B, and it is a data platform’s estimate, not a funding-round valuation. StartupIndiaX will not publish a personal figure until a credible source reports one.
Lessons for founders from the Boldfit playbook
Test demand before you build a factory. Boldfit began with yoga mats made by contract manufacturers on an ₹8 lakh loan, then used Amazon’s response to judge demand.
Let profit carry the pitch. The Series B investor named profitability as part of the case, and Entrackr’s figures show profit in both FY24 and FY25.
Price stores as a separate business. Decathlon India’s swing from a ₹197 crore profit to a ₹65 crore loss, as Open reports, shows what store and manufacturing spend can do to earnings.
Keep your public record consistent. Boldfit’s founding date, first product count and product totals differ across interviews and press material. Investors, journalists and data platforms compare them.
Boldfit now has the cash, a COO with retail experience and a stated plan. What it has not yet shown is a store that pays for itself. If you shop at Boldfit, sell in stores or run a D2C brand, tell us in the comments what you have seen. We will update this story when the FY26 accounts and any store openings are reported.
FAQs
Who is Pallav Bihani?
Pallav Bihani is the founder and CEO of Boldfit, a Bengaluru sports and fitness brand founded in 2018. He started it with yoga mats and an ₹8 lakh loan from his father, per an early SMBStory profile. Open Magazine also names Aasshna Guptaa as co-founder.
How much did Boldfit raise in its Series B?
Boldfit announced a Series B of over ₹400 crore (about $42 million) on 12 October 2026. Bharat Value Fund, managed by The Wealth Company Alternates, led it, with Bessemer Venture Partners participating. The money is meant for retail, manufacturing, product innovation and selective acquisitions.
Is Boldfit profitable?
Entrackr figures, reported by Open Magazine in October 2026, show Boldfit’s net profit rose from ₹16.82 crore in FY24 to ₹35 crore in FY25 on ₹304 crore of operating revenue. FY26 accounts had not been filed. StartupIndiaX has not independently verified the figures.
Who are Boldfit’s investors?
Boldfit’s investors include Bharat Value Fund, managed by The Wealth Company Alternates, and Bessemer Venture Partners. Sportspersons KL Rahul and Sania Mirza are also named investors, according to YourStory in October 2026. Bessemer led the ₹110 crore round in November 2024.
What is Boldfit’s valuation?
Boldfit has not disclosed the valuation of its October 2026 Series B. An earlier Mint report, summarised by Venture Intelligence, said it had targeted ₹3,000 to ₹4,000 crore for a larger raise. StartupIndiaX could not confirm that report’s date, so treat it as a target, not a valuation.
How did Pallav Bihani start Boldfit?
Bihani told SMBStory he borrowed ₹8 lakh from his father, hired contract manufacturers and began with yoga mats. He sold first to people he knew, then on Amazon. Indian Retailer dates the founding to December 2018, while SMBStory says January 2019.
What is Pallav Bihani’s net worth?
StartupIndiaX found no credible estimate of Pallav Bihani’s net worth as of October 2026. Boldfit is private, and neither his shareholding nor the Series B valuation has been disclosed. A company valuation would also not equal a founder’s personal wealth.
Is Boldfit opening stores?
Boldfit says its Series B will fund nationwide retail expansion. In November 2024 it said it would open stores within 12 to 18 months, starting with pop-ups. Reports reviewed for this story give no store count or opening timeline as of October 2026.
Sources
Story type: public-source profile.
- YourStory, “The Wealth Company AIF invests Rs 400 Cr in Boldfit”, 12 Oct 2026. https://yourstory.com/2026/10/the-wealth-company-aif-invests-rs-400-crore-in-boldfit
- Open Magazine, “Fit for Growth. Fit for Stores? Boldfit’s ₹400-crore Decathlon Test”, 16 Oct 2026. https://openthemagazine.com/business/fit-for-growth-fit-for-stores-boldfits-400-crore-decathlon-test
- Inc42, “D2C Brand Boldfit Raises ₹400 Cr From Bharat Value Fund For Retail Expansion”, Oct 2026 (day not shown). https://inc42.com/buzz/d2c-brand-boldfit-raises-₹400-cr-from-bharat-value-fund-for-retail-expansion/
- Business Today, “From D2C to retail: KL Rahul-backed Boldfit raises over Rs400 crore from Bharat Value Fund”, 13 Oct 2026. https://www.businesstoday.in/latest/corporate/story/from-d2c-to-retail-kl-rahul-backed-boldfit-raises-over-rs400-crore-from-bharat-value-fund-561327-2026-10-13
- Startup Researcher, “Boldfit Raises Over ₹400 Crore in Series B Funding Round”, Oct 2026 (day not shown). https://www.startupresearcher.com/news/boldfit-raises-over-400-crore-in-series-b-funding-round
- Entrepreneur India, “Fitness Startup Boldfit Secures USD 13 Mn Funding Led by Bessemer Venture Partners”, 7 Nov 2024. https://india.entrepreneur.com/news-and-trends/fitness-startup-boldfit-secures-usd-13-mn-funding-led-by/482515
- Entrackr, “KL Rahul-backed Boldfit raises $13 Mn led by Bessemer”, Nov 2024 (day not shown). https://entrackr.com/snippets/kl-rahul-backed-boldfit-raises-13-mn-led-by-bessemer-7562114
- Storyboard18, “KL Rahul backed fitness brand Boldfit secures INR 110 crore in Series-A funding”, Nov 2024 (day not shown). https://www.storyboard18.com/brand-marketing/kl-rahul-backed-fitness-brand-boldfit-secures-inr-110-crore-in-series-a-funding-47423.htm
- Indian Retailer, “How Boldfit’s Direct-to-Consumer Approach Drives Success”, 30 Jul 2024. https://indianretailer.com/interview/retail-people/new-commerce/how-boldfits-direct-consumer-approach-drives-success
- Indian Retailer, “{Funding Alert} Boldfit Secures Rs 110 Cr in Funding, Eyes Expansion and Product Innovation”, Nov 2024 (day not shown). https://indianretailer.com/news/funding-alert-boldfit-secures-rs-110-cr-funding-eyes-expansion-and-product-innovation
- YourStory SMBStory, “From yoga mats to fitness products: how this entrepreneur scaled his business to clock Rs 30 Cr turnover in two years”, Undated in the copy reviewed. https://yourstory.com/smbstory/boldfit-fitness-products-immunity-booster-bengaluru-startup-entrepreneur/amp
- Techleap Finder (summarising Economic Times), “Boldfit secures Rs 110 cr funding”, Nov 2024. https://finder.techleap.nl/news/feed/boldfit-secures-rs-110-cr-funding
- CXO Digital Pulse, “Former Lenskart CBO Oliver Kaye Joins Boldfit as Chief Operating Officer to Accelerate the Brand’s Next Phase of Growth”, Sep 2026. https://www.cxodigitalpulse.com/?p=61578
- Venture Intelligence (summarising Mint), “D2C fitness brand Boldfit seeks $100 M from PE funds”, Date not confirmed. https://news.ventureintelligence.com/private-equity/d2c-fitness-brand-boldfit-seeks-%24100-m-from-pe-funds
- Lapaas Voice, “Boldfit in talks of $80-100 million funding at ₹4,000 crore valuation (cited only for the FY label caution)”, Date not confirmed. https://lapaasvoice.com/boldfit-in-talks-of-80-100-million-funding-at-%E2%82%B94000-crore-valuation/
- India Retailing, “Fitness equipment tag page (Cult.sport store item)”, Undated listing. https://www.indiaretailing.com/tag/fitness-equipment/
- Dealroom, “Boldfit company profile”, Accessed 27 Oct 2026. https://dealroom.co/companies/boldfit/
Disclosure: This article was drafted with AI assistance and reviewed and fact-checked by the StartupIndiaX Editorial Team. Illustrations are AI-generated and do not depict real people or places.
Spotted an error? Email corrections@startupindiax.com and we will review and update the article.
Written by the StartupIndiaX Editorial Team, StartupIndiaX writers covering Indian startups, founders and entrepreneurship.
