One of the largest disclosed Indian domestic-fund investments in fitness and sports-products

segment in the past five years. The Wealth Company Alternates’ Bharat Value Fund reinforces its position as a scaled domestic private equity fund, with four investments averaging ₹400 crore each in last 12 months.

Mumbai / Bengaluru: The Wealth Company Alternates, a part of Pantomath Group, today announced that its Bharat Value Fund, a Category II AIF, has invested approximately ₹400 crore in Boldfit, one of India’s leading homegrown sports brands, as part of its Series B funding round. This marks Bharat Value Fund’s fourth significant investment in the past 12 months, with an average investment size of approximately ₹400 crore each. With these investments, The Wealth Company Alternates’ Bharat Value Fund further strengthens its position among India’s fastest-scaling domestic private equity funds, reflecting its ability to identify high-potential businesses and deploy capital at scale.

The investment will support Boldfit’s next phase of expansion, with significant investments planned for nationwide retail expansion, product innovation and manufacturing. The Company will also selectively pursue inorganic opportunities to strengthen its category presence and capabilities.

Founded in 2018 by Pallav Bihani, Boldfit has established a diversified sports business spanning performance sportswear, athletic footwear, sports equipment and fitness essentials. Serving over 2 crore customers annually, the Company is strengthening its integrated product development and manufacturing capabilities, with a focus on innovation, quality and building long-term competitive advantages. The Company has grown rapidly at a CAGR of 80%+ for last 3 years, reflecting strong business momentum and growing demand for its offerings.

India’s fitness and sports goods market is estimated at approximately US$16 billion and projected to grow at a CAGR of16%+ reaching US$35 by FY31 underpinned by rising disposable incomes, a young population, growing health awareness and the mainstreaming of active lifestyles and athleisure. The expansion of organized retail, e-commerce and quick-commerce platforms is also widening access to fitness and sports products beyond major metropolitan centers into Tier II and Tier III markets.

Boldfit is perfectly positioned to capitalize on the growing demand for accessible, quality fitness and sports products. Its next phase of growth will focus on deepening consumer engagement, expanding its physical retail footprint and strengthening its presence across high-potential categories.

Boldfit had previously raised ₹110 crore from global venture capital firm Bessemer Venture Partners in its Series A funding round in 2024. The company also counts prominent Indian sportspersons KL Rahul and Sania Mirza among its investors.

Avendus Capital acted as the exclusive financial advisor to Boldfit and its shareholders on the transaction.

Ms. Madhu Lunawat, Founder and Whole-time Director, Wealth Company Asset Management Private Limited, said, “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. Pallav has achieved what few direct-to-consumer founders are able to manage – rapid, category-defining scale anchored by profitability. Our investment reflects our conviction in the company’s growth potential and our approach of partnering with businesses that have the ability to build enduring scale and long-term value.”

Mr. Pallav Bihani, Founder and CEO, Boldfit, said, “We believe India is entering a defining era for sport. Our ambition is to see India become a sporting powerhouse, with greater participation, stronger sporting talent and many more medals on the world stage.

Boldfit intends to play a meaningful role in that transformation. 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.

We’re delighted to welcome Bharat Value Fund as our partners. This investment marks an important step towards building an institution that can shape Indian sport for decades to come.”

Mr. Neeraj Shrimali, Managing Director and Co-Head, Digital, Technology & Consumer Investment Banking, Avendus Capital, said, “We are delighted to have advised Pallav and the Boldfit team on this transaction. The company has built category leadership at scale while remaining profitable, on the back of a deep product range and a leading position across platforms. As India’s sports and fitness spend shifts from unorganized to branded, Boldfit is well placed to become the defining homegrown brand in the space.”

With this investment, Bharat Value Fund marks its fourth investment in last 12 months, following its marque investments in Zetwerk Manufacturing, Amnex Infotechnologies and Big Mishra. Across these four investments, the Private Equity Fund has deployed in manufacturing, technology and consumer markets, reflecting the Fund’s approach of backing high conviction market-tested businesses poised for scaled growth and value creation.

The investment in Boldfit reinforces Bharat Value Fund’s focus on identifying businesses that are well-positioned to benefit from India’s structural growth opportunities and supporting their next phase of expansion through patient capital and a long-term investment approach.