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Myntra ex-CEO raises USD 50mn for Mensa Brands
Mensa Brands on Monday said it has raised about $50 million (about Rs 363 crore) in funding from Accel Partners, Falcon Edge Capital, Norwest Venture Partners, and others.
The series A round also saw participation from angel investors including Kunal Shah, Mukesh Bansal, Rahul Mehta (DST Global), and Scott Shleifer (Tiger Global).
Additionally, debt financing facilities from Alteria Capital and InnoVen Capital have also been secured. “Our aim is to create a technology-led ‘’House of Brands’’ that is built for the e-commerce world. We will partner and invest in digital-first brands and scale them. Over the next three years, Mensa will acquire over 50 brands across various categories,” Mensa Brands founder and CEO Ananth Narayanan said.
These categories include home, garden, apparel, personal care, and beauty.
He said Mensa - which means ‘’constellation’’ in the ancient Greek language - aims to create a cluster of star brands and will invest in a majority stake with a path to ownership over two to four years. Mensa will look at brands that are around Rs 10-70 cr in annualised revenue, are profitable and get the major part of their revenues from online marketplaces and their own website. “Scaling digital brands from India is a large opportunity...We will bring a lot of technology, digital marketing, and e-commerce expertise, while the partner is usually very good at sourcing and the actual product.” A major part of the funds raised will be used towards financing the acquisitions, growing the brands as well as in product and technology. “In these categories (which we will target), digital-first brands with over 70 pc revenues online, there are 4,000 brands in this space with Rs 7-70 cr revenue, there is an enormous opportunity,” he noted.