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Grapevine: Tatas in talks to buy Cult.fit; InVideo, Locus to raise funding
Photo Credit: VCCircle

The Tata group is in discussions to acquire fitness startup Cult.fit, people told The Economic Times. 

The startup’s co-founder Mukesh Bansal may take up a leadership role within the group’s online business as Tatas gear up for a battle with Reliance Industries, Amazon and Flipkart, the people said. 

In the last few months, the Tata group has bought epharmacy 1mg and has been given a regulatory nod to acquire egrocer Bigbasket. 

When Cult.fit was just a year old, Tata Sons chairman emeritus Ratan Tata invested $3 million in 2017. 

The startup has so far raised $418 million and was last valued at around $800 million. It counts Temasek, Accel, and Kalaari Capital among its investors.

InVideo 

Video production and editing platform InVideo is in talks to raise its Series B round of funding from new and existing investors, an Entrackr report said citing three people aware of the development.  

“A new investor would spearhead San Francisco-based InVideo’s $40 million (Rs 290 crore) financing round and existing investors including Tiger Global, Sequoia and RTP Global would also participate,” said one of the sources. 

More institutional investors may join the round, the sources added. "InVideo will be valued anywhere between $180 million (Rs 1,307 crore) and $200 million (Rs 1,452 crore) in this round,” said a second person. 

In October 2020, InVideo had raised $15 million in its Series A round led by Sequoia Capital.

Locus 

Business-to-business logistics optimisation startup Locus is in talks to raise $60 million (Rs 436 crore) in its Series C round of funding led by Singapore’s sovereign wealth fund GIC at a post-money valuation of around $300 million (Rs 2,178 crore), three people told The Economic Times. 

Existing investors Tiger Global and Falcon Edge are also expected to participate in the round. Exfinity Venture Partners and Blume Ventures are some of Locus’s other investors.  

The proceeds will help Locus to strengthen its technology and scale up operations in the United States, sources said. 

In May 2019, it raised $22 million in its Series B round led by Falcon Edge and Tiger Global at a valuation of $100 million.

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