Fitness brand Boldfit on Thursday said it raised Rs 110 crore in its series A round from Bessemer Venture Partners (BVP). 

Boldfit, which sells everything from yoga mats and water bottles to protein powers and exercise apparel, plans to use the latest infusion for product innovation and brand expansion. 

Boldfit, which was founded by Pallav Bihani in 2019, had earlier announced a strategic investment from cricketer KL Rahul in July. Rahul also joined the company as a brand ambassador.

“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. We’re excited to partner with Pallav and the team in their next stage of growth,” noted Anant Vidur Puri, Partner at Bessemer Venture Partners.

Boldfit had earlier outlined its plans to use the funds for the development of new product lines and enhance customer engagement through targeted campaigns and community development initiatives. Additionally, the company is also looking to optimise its supply chain and improve logistics to reduce delivery times. 

Boldfit said it clocked revenue of Rs 73 crore in FY24 and expects to cross the Rs 500 crore threshold by FY26, which it had shared with Yourstory earlier.

The company currently claims to serve over one crore customers annually. 

Blackstone-backed Simplilearn says it is well positioned to reach EBITDA profitability within the current financial year.

EBITDA or earnings before interest, taxes, depreciation, and amortisation reflects the operational profitability of the company. It focuses on the earnings generated from core operations before accounting for costs.

The company said, in a statement, that it has managed to cut down its losses by 75%, from FY23, as it focuses on achieving sustainable growth and operational efficiency. Additionally, it reported year-on-year revenue growth, with FY24 revenue touching Rs 773 crore, fuelled by pivotal initiatives taken to increase customer retention and higher referral rates.

“As we work toward profitability, we’re focused on strengthening our products to meet industry

needs, driving growth in the US and worldwide, and, above all, delivering an outstanding customer

experience. Our mission to transform lives through world-class education is always at the heart of

what we do,” said Krishna Kumar, Founder and CEO of Simplilearn.

The company has intensified its efforts in its commercial segment, particularly in the United States, through strategic partnerships with platforms, and collaborations with government bodies in Europe, Middle East, and Africa.

Simplilearn said it has significantly increased its course enrollment by doubling down on university partnerships, bootcamps, and certification training programmes.

Founded in 2010, the company last raised $45 million in a Series E round in 2022 from a consortium led by GSV Ventures.

Private equity firm Blackstone picked up a controlling stake in the company in July 2021 through a fund infusion of $250 million.

In pic: Krishna Kumar, Founder and CEO of Simplilearn

Truecaller, the Swedish caller identification app provider, has named Rishit Jhunjhunwala as its group chief executive officer (CEO), effective from January 9, 2025.

This move comes as current CEO Alan Mamedi and Chief Strategy Officer Nami Zarringhalam decide to step down from their operational roles to focus on their board responsibilities and act as strategic advisors to Truecaller.

“We have a fantastic management team in whom we have immense trust, and we have a long-term strategy that everyone supports, and which has started to yield positive results. With these two pieces in place, we are convinced that the company is well positioned for future success to enable us to focus more on long-term strategy,” the duo, who co-founded the company in 2009, said in a statement.

Mamedi and Zarringhalam will continue to be employed by the Swedish company as advisors until June 30 2025.

“Nami and I will remain committed to supporting Rishit and the entire leadership team as board members and strategic advisors, and we are excited to watch the company continue to thrive under Rishit’s leadership,” the Co-founders of Truecaller, said in a personal letter following the announcement.

Jhunjhunwala has been with Truecaller since 2015, initially serving as head of product. In June 2020, he was promoted to chief product officer, and in May 2021, he assumed the role of managing director for India.

“His deep product knowledge and leadership experience have been critical to our success, and we have always regarded him as a co-founder of Truecaller. Over the past two years, I’ve had the privilege of personally mentoring Rishit to take on a larger role within the company, and Nami and I are confident that he is ready to lead the company on a global scale,” the letter added.

Jhunjhunwala, born and raised in India but a Swedish citizen, worked and lived in Sweden from 2015 to 2022.

“Together with the rest of the management team, I look forward to taking Truecaller to even greater heights. Having worked closely with Alan and Nami since 2015, I know these are big shoes to fill, but I am confident to continue tirelessly working towards getting us closer to our mission to make future communication more safe and secure,” Jhunjhunwala, remarked.

The Swedish caller identification app, with India as its largest market globally, has over 500 million monthly active users.

For the Sweden-based company, India remains the biggest market with the region accounting for 75.8% of the total net sales for the financial year 2022-23, owing to its three revenue streams—Truecaller for Business, premium subscriptions, and ads.