India Digest: Oxfordcaps, Cult.Fit in M&A news; Dream11 puts $50m in FanCode

Photo by Alexander Redl on Unsplash

Co-living platform Abuzz has acquired student accommodation startup Oxfordcaps while Tata Group is in talks to acquire health and fitness startup Cult.Fit (formerly Cure.fit). Separately, Dream11 has pumped in $50 million in its in-house sports content and commerce platform FanCode.

Abuzz acquires Oxfordcaps

Altruist Technologies that runs bachelor-focused co-living platform Abuzz has acquired student accommodation startup Oxfordcaps, Entrackr reported.

Oxfordcaps had begun downscaling its operations due to severe financial stress after the coronavirus pandemic hit the nation last year. According to the report, the startup had also approached the investors for a bridge round, which eventually did not materialise.

While the acquisition is still in the process, quoting filings, the report said Oxfordcaps has appointed Lalit Kumar, a representative of Altruist Technologies, to its board of directors.

Tata Group eyes Cult.Fit

Indian conglomerate Tata Group is in talks to acquire health and fitness startup Cult.Fit (formerly Cure.fit) as the former looks to ramp up its digital presence, The Economic Times reported.

Tata Group is also exploring the possibility of getting Cult.Fit founder Mukesh Bansal to head its digital business, the report said quoting sources.

Cult.Fit has so far raised $418 million in funding and was last valued at around $800 million. Its investors include Temasek, Accel, Kalaari Capital among others.

Dream11 pumps $50m in FanCode

Fantasy gaming platform Dream11 has pumped in $50 million in its in-house sports content and commerce platform FanCode, per an announcement.

Dream11 has routed the funding through its arm Dream Sports Investments (DSI).

“The funding from Dream Sports will help us enhance our existing offerings and invest in further innovation in the sports tech domain as we scale up to our goal of growing to a user base of 100 million sports fans by July next year,” Yannick Colaco, Co-Founder of FanCode said.

Since its inception in 2019, FanCode claims to have acquired over 20 million sports fans as users, partnered with some of the biggest global sports brands such as the NFL, MLB, Cricket West Indies, New Zealand Cricket, NBA, Bundesliga, multiple IPL teams, and live-streamed nearly 30,000 hours of sports content.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.