D2C startup BoldFit, which sells sports and fitness products, is in talks to raise $12-15 million, or approximately Rs.100-120 crore, in its largest institutional round to date, sources subjected to this matter stated.

The individuals added that Bessemer Venture Partners, which has supported Swiggy, PharmEasy, Urban Company, and others, is likely to participate in the current funding round.

The money raised in the funding round will be used by the company, which is backed by KL Rahul and sells yoga accessories, sippers, and even athleisure wear, to expand its product line, increase its presence on Amazon and enter newer regions, among other things.

The D2C Company receives new funding at a time when investors are rushing to support consumer startups.

Over the past few weeks, investors have placed bets on favorable outcomes from consumer companies, and as a result, businesses such as Blue Tokai, Plan B, and Nutrabay, among others, have acquired capital. There is a possibility that the final terms will differ because the talks between the two are still in their early stages. BoldFit and Bessemer Adventure Accomplices didn't answer to ISN's questions at the hour of distributing the story. When the businesses respond, the story will be updated.

The Bengaluru-based BoldFit, which was founded in the year 2018 by Pallav Bihani, will benefit from the company's first fundraise to help it compete with larger rivals like Cultsport (Cultfit) and others and increase its market share. To increase its popularity and strengthen brand recognition, it is already forming partnerships with cricket teams like Mumbai Indians. That appears to have functioned admirably for the organization, which turned in a noteworthy monetary execution in the monetary year 2022-23.

According to Tracxn data, BoldFit had revenues of Rs. 74 crore in FY23 and a net profit of Rs. 16 crore in the same year. The startup is yet to record its outcomes for monetary year 2023-24.