Mensa Brands Lays Off 30 Employees from India Lifestyle Network (ILN) Team

• ByStartupStory     |    May 31, 2023

Mensa Brands, India’s Rapidly Growing Unicorn, Announces Layoffs of 30 Employees from India Lifestyle Network (ILN) Following Acquisition from Times Internet.

Commenting on this development, a Mensa spokesperson said, “To enhance efficiency post integration, we restructured some teams that impacted a few positions. This activity affected less than 30 team members in ILN and there have been no layoffs in other parts of Mensa.” The company did not comment on ILN’s team size before layoffs, till the time of press.

Impacted employees will receive up to three months’ salary, extended health insurance, and assistance in securing new job opportunities, according to a company spokesperson.

To enhance its brand building capabilities, Mensa Brands acquired iDiva, MensXP, and Hypp in 2022. Since its launch in April 2021, Mensa Brands has successfully acquired 25 brands. In November 2021, the company achieved unicorn status with a valuation exceeding $1 billion, making it the fastest Indian startup to reach this milestone. As per Ministry of Corporate Affairs (MCA) filings, Mensa Group reported revenue of ₹310 crore in FY22, with Mensa India contributing ₹160 crore. However, the company recorded an EBITDA loss of ₹19 crore.

In March 2023, Mensa Brands secured a ₹300 crore debt round from TradeCred. Ananth Narayanan, the CEO of Mensa Brands, mentioned in a previous interview that the company is actively seeking to acquire larger brands with revenue ranging from ₹50 crore to ₹200 crore.

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