Mumbai, Aug. 12 -- Bling Brands Pvt Ltd, which operates direct-to-consumer fitness brand Boldfit, has initiated a process to raise $80-100 million from private equity funds, three people familiar with the matter said.

"Several funds including Sofina, Verlinvest and Venturi Partners are expected to be sounded out to gauge their interest in the company," the first person said. While Venturi typically writes smaller cheques in the range of $15-40 million, it can take part in larger rounds through co-investments, the person explained.

"Other investors such as Motilal Oswal's private equity arm and Kedaara Capital are also expected to be tapped as a part of the process," the second person said. "The company is roughly seeking a valuation of ...