Mensa Brands raises Rs 300 cr in debt funding from TradeCred
Mensa Brands, based in Bengaluru, has obtained INR 300 crore in debt financing from TradeCred, a Mumbai-based alternative debt provider. Fifty wealthy individuals with substantial assets collectively invested in a financing arrangement worth Rs 300 crores.
The company stated that it intends to allocate the funds towards brand acquisitions, enhancing its products, streamlining its supply chain, and boosting its working capital.
Mensa, established in May 2021, adopts a “house of brands” approach by purchasing direct-consumer brands. The company boasts 25 brands in the categories of fashion, home, beauty, and FMCG, including Dennis Lingo, Villain, Pebble, and MyFitness.
“We are pioneering the path to an industry-first tech-led house of brands with our five breakout category leaders. With this additional capital, we will be able to double down on our growth ambition,” said Ananth Narayanan, Founder and CEO of Mensa Brands.
The company, which is supported by Tiger Global, generated a revenue of $41.2 million (Rs 310 crore) in its first year of operations during the fiscal year 22, but recorded a loss of $16.41 million (Rs 135 crore). In the same fiscal year, it invested $88.5 million (Rs 670 crore) in acquisitions.
“TradeCred is delighted to partner with Mensa Brands… known for encouraging ‘Made in India’ products to become global and enabling Indian MSMEs to reach the doorsteps of global customers,” said Hardik Shah, TradeCred Founder.
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