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Boldfit Raises INR 110 Cr to Expand Its Product Line By Applyly November 7, 2024 INTRODUCTION Boldfit is a D2C firm. The startup is based in Bengaluru. Boldfit, raises INR 110 Cr ($13 Mn) from Californian venture capital firm, Bessemer Venture Partners. After receiving this funding, Boldfit can invest in product development. Moreover, this will help in brand visibility in the market. There are plans to open physical stores within 12 to 18 months, which will boost market share. Investment to Drive Product Innovation Boldfit plans to develop a broader product portfolio. It currently stocks over 400 niche products, including fitness equipment, yoga accessories, supplements, and athletic wear. With this new capital, Boldfit can introduce new products and enhance existing ones with this new capital. This strategy helps the brand reach more fitness enthusiasts and will be favourable in helping them discover quality, affordable products. In fitness segment, the startup is now in a strategic position to increase product portfolio. Boldfit’s Plans for Offline Stores Offline expansion is one of Boldfit’s key operational strategies. The startup plans to open more stores in coming 12 to 18 months. This step will offer customers the opportunity to experience products in person, thereby increasing trust and brand credibility. Merging online success with a physical presence could boost sales and strengthen the customer base. Offline stores provide a personal touch and expand Boldfit’s reach in various regions, including tier-1 and tier-2 cities. Support from Major Backers The investment from Bessemer Venture Partners endorses Boldfit’s strong vision. Founder Pallav Bihani expressed that this support is vital for the brand’s next growth phase. Previously, cricketer KL Rahul also invested in Boldfit, adding to its reputation. These investments will help the startup expand into the Middle East. Key pillars like Bessemer support the company’s vision to lead India’s fitness industry. Potential Growth Sectors in the Fitness Industry in India As there is a highly growing market for fitness services in India so the timing of boldfit looks more than correct. The Indian fitness market, valued at $20 Bn in 2023, is expected to grow at an annual rate of 27%, reaching $32 Bn by 2028. This growth offers opportunities for startups focusing on quality products and strategic expansion. Boldfit’s offline and international plans align with these market trends, positioning it for success. Conclusion– Boldfit Raises INR 110 Cr Boldfit’s INR 110 Cr funding round is a major step forward. The investment supports product innovation and expansion into new markets. With plans for offline stores and international reach, Boldfit is set to lead in the fitness sector. Strategic growth, solid backing, and product development will help Boldfit achieve its ambitious goals. Thanks SOURCES: Source Link 1 Source Link 2