In this month’s edition of “Decoding Exits”, Karthik highlights an acquisition and a secondary deal from our own portfolio in the month of October.
📦 Locus - acquired by Ingka Group (IKEA’s parent)
Founded in 2015 by Nishith Rastogi and Geet Garg, Locus built an AI-powered logistics software that helps retailers plan delivery routes, optimize fleets, and track shipments in real time.
Fun fact: Locus had the highest number of PhDs per employee in the entire Blume portfolio at one point.
Ingka Group (IKEA’s parent) acquired Locus somewhere in the vicinity of the $100M mark, betting on its ability to optimise last-mile operations. With nearly 30% of IKEA’s business now online, route optimization and delivery-slotting are mission-critical — IKEA estimates it can save about a million Euros just through optimisation.
🚌 IntrCity - secondary + co-investment from A91 Partners
IntrCity, founded by Kapil Raizada and Manish Rathi, operates one of India’s largest private intercity bus network with an asset-light model — working with bus owners while underwriting capacity to ensure 85%+ utilization across 500+ buses nationwide.
This month, A91 Partners joined as a new co-investor in a ₹250 Cr round. But here’s the twist: nearly ₹100 Cr of this was secondary.
The founders didn’t want to dilute too much equity, so existing investors (including Blume) sold a small portion to make room for A91 — aligning everyone for the next leg of growth.
Watch the full analysis to understand what these movements signal for founders and investors.
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