What Is Known About KL Rahul’s Boldfit Stake After the Over ₹400 Crore Series B

Boldfit, a Bengaluru-based sports and fitness brand, announced a Series B round on 12 October 2026. Business Today, reporting on 13 October, says the round raised over ₹400 crore (about $42 million) and names Bharat Value Fund as the lead investor. Existing investor Bessemer Venture Partners also took part. YourStory and Inc42 put the size at about ₹400 crore, and Inc42 does not name a lead.

Cricketer KL Rahul joined Boldfit in July 2024 as both an investor and a brand ambassador. The 2024 announcement and the 2026 coverage both name Rahul as an investor, and Business Today says a fund led the new round.

An Investment and an Ambassador Role, Announced Together

Boldfit announced on 31 July 2024 that Rahul had joined as an investor and brand ambassador. afaqs described Rahul as a strategic investor and said the partnership went beyond a typical celebrity endorsement.

The announcement named sports footwear, apparel and fitness equipment as the product areas of Rahul’s ambassador role. It also named partnerships with IPL teams such as Royal Challengers Bengaluru, Chennai Super Kings and Mumbai Indians. Founder Pallav Bihani, who started Boldfit in 2018, called Rahul’s involvement “a huge moment for us.” Rahul, a Bengaluru native, described joining as feeling like coming home. The partnership was expected to support product line expansion, campaign-led customer engagement and community-building.

Fund Structure
Bharat Value Fund is a Category II AIF managed by The Wealth Company Alternates. Business Today puts the Series B at over ₹400 crore, about $42 million.

Financial Terms and the Customer Count, 2024 to 2026

The July 2024 announcement did not state an investment amount or a stake size for Rahul. It set a financial target: Boldfit aimed to cross ₹500 crore in FY26. Whether that target was met has not been reported.

The customer figure has grown since then. The 2024 announcement gave over 1 crore customers a year. The company’s October 2026 claims put customers at over 2 crore annually and a compound annual growth rate above 80% over the past three years. Business Today and Inc42 do not give revenue for 2026. The 2026 round discloses its size and use of funds, but not its valuation or its revenue.

The 2024 announcement described Boldfit as a Bengaluru-based direct-to-consumer fitness brand offering activewear, accessories and fitness equipment. Inc42 describes the 2026 range as performance sportswear, athletic footwear, sports equipment and fitness essentials. Business Today gives the same founding year, 2018.

From a 2024 Series A to a ₹400 Crore Series B

YourStory reports that Boldfit raised ₹110 crore in a Series A in 2024 from Bessemer Venture Partners, and names KL Rahul and Sania Mirza among its investors. Exchange4media says the new round follows that Series A. Inc42 dates that ₹110 crore round from Bessemer to November 2024, and puts total funding to date above ₹510 crore.

Business Today describes the new round as a Series B of over ₹400 crore, with Bharat Value Fund leading and Bessemer taking part as an existing investor. YourStory gives the size as about ₹400 crore and does not name a lead. Exchange4media attributes the lead role to a media report. Inc42 says Boldfit raised around ₹400 crore from the fund, about $41.8 million. No valuation has been reported.

Bharat Value Fund is a Category II AIF according to YourStory and Inc42, and is managed by The Wealth Company Alternates, part of the Pantomath Group, according to Business Today. YourStory says this is the fund’s fourth investment in the past 12 months, and that the four deals averaged around ₹400 crore each. Business Today names the earlier deals as Zetwerk Manufacturing, Amnex Infotechnologies and Big Mishra. Business Today says the deal is also being described as the fund’s largest investment in the consumer sector so far. YourStory also includes a statement from Madhu Lunawat, founder and whole-time director of Wealth Company Asset Management Private Limited, on backing businesses that can grow over the long term.

What the New Capital Is Meant to Fund

Business Today reports that the money will go toward expanding the retail footprint across India, with a focus on a stronger nationwide offline presence alongside the digital business. It also lists scaling manufacturing, accelerating product innovation and pursuing selective acquisitions.

In November 2024, Boldfit said it intended to open offline stores over the following 12 to 18 months, according to Inc42. The 2026 round is described as supporting expansion into physical retail.

The Wealth Company Alternates ties the investment to nationwide retail expansion, product innovation and manufacturing. YourStory adds selective acquisitions to strengthen Boldfit’s presence in its category. Business Today names Avendus Capital as the exclusive financial adviser to Boldfit and its shareholders.

YourStory cites an estimate that India’s fitness and sports goods market is about $16 billion and projected to grow at a CAGR of over 16% to reach $35 billion by FY31. It names rising disposable incomes, a young population, growing health awareness and the mainstreaming of active lifestyles and athleisure as drivers.

The 2026 round discloses its size and use of funds, but not its valuation or its revenue.

What Has Not Been Disclosed About Rahul’s Stake

The July 2024 announcement described Rahul’s role in three parts: a strategic investor position, a brand ambassador role and a named product scope. The size of the stake and any ambassador fee have not been disclosed.

The October 2026 coverage does not link any share of Boldfit’s growth to Rahul’s involvement. The October 2026 figures are customer counts and a growth rate. Revenue, store count and sales in the categories tied to the ambassador role have not been reported.

Business Today and exchange4media say Bessemer Venture Partners, an existing investor, took part in the round. Sania Mirza is named as another celebrity investor. No amount has been given for any individual investor’s share of the 2026 round.

Deal Structure and What Category II Means

Business Today describes the round as a Series B led by Bharat Value Fund, with an existing investor taking part. YourStory and Inc42 describe that fund as a Category II AIF. The use of funds covers retail, manufacturing, product innovation and acquisitions. The adviser role is exclusive, with Avendus Capital named.

SEBI’s press release on the AIF Regulations, 2012, describes Category II as funds that receive no specific incentives or concessions. The category covers private equity, debt and fund-of-funds vehicles, along with any fund not classified as Category I or III. Category II funds must be closed-ended and may not use leverage, except to meet day-to-day operational requirements.

Under the same SEBI framework, Category I funds must be closed-ended and cannot use leverage, but may be considered for incentives or concessions. Category III funds, which include hedge funds, may be open-ended or closed-ended and may use leverage, including through listed or unlisted derivatives.

The 2024 announcement named the product categories but did not give the investment amount or any ambassador fee. The 2026 coverage gives the round’s size and the fund’s role, and names Rahul and Sania Mirza as investors without amounts.

Photo: NAPARAZZI · CC BY-SA 2.0 · via Wikimedia Commons