Mensa Brands Secures $40 Million in Growth Capital from EvolutionX

• ByStartupStory     |    October 5, 2023

Mensa Brands, India’s leading digital House of Brands, has successfully secured $40 million in growth capital from EvolutionX Debt Capital through a combination of a debt facility and convertible investment. This fresh infusion of funds will enable Mensa Brands to continue investing in brand building, leveraging its robust capabilities in technology, operations, and marketing.

Mensa Brands boasts an impressive portfolio of consumer-loved brands, including Pebble (top 5 smart wearables and audio), MyFitness (top peanut butter brand), Dennis Lingo (a leading men’s lifestyle and apparel brand), and Villain (offering unique perfumes and personal care products).

In November 2021, Mensa Brands achieved unicorn status by raising $135 million at a valuation exceeding $1 billion, becoming the fastest Indian startup to reach this milestone. To date, Mensa Brands has successfully raised $200 million in equity from renowned global investors, including Accel Partners, Falcon Edge Capital, Norwest Venture Partners, Prosus Ventures, and Tiger Global Management. Additionally, it has secured debt financing from Alteria Capital, InnoVen Capital, Stride Ventures, and TradeCred.

Ananth Narayanan, Founder & CEO of Mensa Brands, expressed his excitement about the partnership with EvolutionX, stating, “We are excited to partner with long-term marquee investors like EvolutionX. In the last 2 years, we have profitably scaled more than 20 brands across beauty & FMCG, fashion, home and consumer electronics. We plan to use this new funding to continue building consumer-loved brands for the next generation of India.”

Rahul Shah, Partner of EvolutionX Debt Capital, commented on the investment, saying, “We are excited to partner with Mensa as the company continues to scale revenues and margins of digital-first consumer brands by leveraging technology along with brand building activities. Mensa has proven its execution capabilities with the successful acquisition of multiple brands, and we look forward to supporting the company’s journey as it continues to grow its brands both in domestic and international markets. With this investment, we continue our strategy to invest in category leading growth stage tech companies in Asia.”

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About Mensa Brands: Mensa Brands operates over 20 consumer brands across fashion, beauty, and home with the aim to build global digital-first brands from India by leveraging technology. The team is led by the Founder and CEO, Ananth Narayanan, who was previously the CEO of Myntra and Medlife and a Senior Partner at McKinsey & Company.

About EvolutionX Debt Capital: EvolutionX Debt Capital is a debt financing platform for growth stage technology-enabled companies across Asia, with a focus on India, China, and Southeast Asia. Founded by DBS and Temasek, the Fund seeks to accelerate the digitization of Asia’s economy by investing in next-generation technology leaders across sectors such as financial services, consumer, healthcare, education, and industrial development.

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