In barely six months, Myntra’s former CEO’s new firm entered the unicorn club
Mensa Brands, an Indian firm created barely six months ago, has joined the unicorn club as the newest member and the group’s youngest member. According to sources, the business, which is owned by former Myntra CEO Ananth Narayanan, has raised $135 million at a valuation of $1.2 billion. Mensa Companies is a startup that focuses on direct-to-consumer brands and assists them in growing their businesses in India and abroad. Thrasio, a Boston-based business that has been lauded for its success using the similar strategy, competes in the same market. Mensa Brands has recently completed a significant milestone, which has been backed by a capital round.
After Narayanan departed MedLife and sold it to Pharmeasy, the firm, which has since become a unicorn, was founded just six months ago. He was previously the CEO of Myntra. In the startup world, a unicorn is a company worth more than one billion dollars.Mensa Brands became a unicorn after an investment round headed by Alpha Wave Ventures, with Prosus Ventures joining as a new investor. Several current investors, including Accel Partners, Norwest Venture Partners, and Tiger Global, participated in the Series-B investment. During the process, a whopping $135 million (about Rs 1,004 crore) was raised.
Mensa has raised approximately USD 300 million in equity and debt in less than six months since launching the company. Mensa Brands reported in May that it has raised USD 50 million (about Rs 363 crore) in capital, as well as debt financing from Alteria Capital and InnoVen Capital. “Mensa is already profitable, and the funds will be used to continue partnering with founding teams of customer-favorite brands to help them grow into household names.” In addition, it will continue to expand out its IT platform and other growth capabilities,” according to a statement released on Tuesday, as quoted by PTI.
Mensa began its journey in May of this year with the goal of partnering with and investing in digital-first firms in the fashion and clothing, home and garden, beauty and personal care, and food categories, with the goal of exponentially scaling them. It collaborates closely with founding teams to accelerate growth on marketplaces, through the brand’s own websites, and on worldwide platforms through a variety of efforts spanning product, price, marketing, distribution, and brand creation, all of which are underpinned by a technological platform.
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