Consumer fitness startup Boldfit has raised a Series A funding from a Silicon Valley investor, a months after securing an investment from cricketer KL Rahul in July, as the company looks to expand its product offering.
The Bengaluru-based firm Thursday said Bessemer Venture Partners (BVP) will be investing $13 million (Rs 110 crore) in its latest funding round.
The company sells activewear, fitness accessories, and sports equipment on its website. The latest capital infusion will be used to fuel Boldfit's product development, omnichannel presence and deepen its presence in key markets.
"We believe sports and fitness is a rapidly growing market in India and Boldfit has emerged as an early leader in the space with its strong focus on product quality, holistic distribution, and strong brand partnerships," said Anant Vidur Puri, partner at Bessemer Venture.
Boldfit was founded by Aasshna Guptaa and Pallav Bihani in 2018. The company claims to have partnered with IPL teams such as Mumbai Indians and Royal Challengers Bengaluru and has served about 10 million customers across the country.
For Bessemer, Boldfit is its fifth investment so far this year. The venture capital firm made its second exit this year when it clocked 2000x returns after selling a partial stake in Medi Assist, a health insurance third-party administrator, in September.
Backpacker hostel chain The Hosteller has completed its Series A funding round, bagging a total investment of Rs 48 crore, led by V3 Ventures.
The Belgian investment firm Verlinvest's VC arm has invested Rs 32 crore in the startup, which runs a platform to book hostels for travellers. V3 was joined by investors including Synergy Capital Partners, Unit e Consulting LLP, Real Time Angel Fund (Climber Capital), Ice VC led by Mrunal Jhaveri, and AL Trust (Thrive Ventures).
The capital raised will be used to expand The Hosteller's presence across India, the company said, adding that it plans to strengthen its presence in existing cities such as Rishikesh, Manali, Bangalore, Delhi among others.
The investment comes nearly three years after The Hosteller raised $1 million in Pre-Series-A funding round.
