The Pallav Bihani-promoted brand eyes opening 100 stores in the next four years and a slice of the burgeoning athleisure business in India
Mumbai: D2C fitness company Boldfit will soon open offline stores and is currently working on firming up the plans, according to a senior executive.
“We’re laying down the groundwork currently, with big plans to go offline in the next 12-18 months,” founder Pallav Bihani told IndiaRetailing.
“Our larger vision over the next four years is to open over 100 stores across the country via multiple formats,” he added. The bootstrapped company is likely to raise the funds for the expansion through internal accruals.
While Bihani has hitherto not availed external funding, he is open to partnering with “like-minded forces who will help us further our vision”.
The fitness company has been growing showing healthy financials since its inception. In just two years since it started, the company had an annual turnover of Rs 30 crore, as per a Yourstory report.
In the financial year (FY2023) its revenue was Rs73 crore and the FY2024 target was to clock Rs150 crore as per a media report.
While Bihani refused to reveal figures for the fiscal, the company has crossed the milestone of Rs100 crore in revenue and is now eyeing Rs200 crore confirmed a source.
The Bengaluru-based Boldfit began in December 2018 with a seed capital of Rs10 lakh, which Bihani borrowed from his family. From 2 yoga mats in 2018, the company today sells over 200 SKUs across fitness and yoga, nutrition, health and wellness through multiple digital channels. These include its website, marketplaces and quick commerce platforms.
The brand, which has been consistently ranked among the top on digital platforms with more than 50 bestsellers, ranks fitness accessories as the biggest contributor to its revenues.
Continuing its lateral expansion, the brand recently forayed into athleisure offering apparel and footwear.
“We currently have a pipeline of over a 100 styles launching in the athleisure category, over the next few months,” shared Bihani, adding that the company will focus on building the recently entered categories, and introduce innovations in existing categories.
In addition to category expansion, Boldfit’s growth plans include launching products in the Middle East soon.
“We believe our products and technology would seamlessly fit, given climate, body type and consumer preferences,” said Bihani adding that the D2C company will continue expanding its digital footprint at scale.
Recently, the company has partnered with three popular Indian Premier League (IPL) franchises, namely Mumbai Indians, Chennai Super Kings and Royal Challengers Bengaluru. “We’re collaborating with the three of them to curate an exclusive range of fitness accessories and fanwear, tailored to excite the fanbases, Bihani explained.
The products include sipper bottles, oversized T-shirts, resistance bands, hand grips and swimming gear, priced in the range of Rs Rs299 to Rs1699.
“Our IPL associations help us reach the masses and establish Boldfit as a household name… They help us improve visibility and conversion, at scale,” added the entrepreneur.
