Mensa Brands Secures $40M from EvolutionX Debt Capital
Mensa Brands, the House of Brands phenomenon, has just clinched a remarkable $40 million financial injection from EvolutionX Debt Capital. This funding infusion, consisting of both debt facilities and convertible investments, is primed to supercharge Mensa Brands’ expansion across technology, operations, and marketing endeavors.
EvolutionX Debt Capital, established by DBS and Temasek, specializes in backing tech-savvy enterprises across Asia, with a keen eye on the thriving markets of India, China, and Southeast Asia. Founded by the visionary Ananth Narayanan, Mensa Brands skyrocketed into the unicorn elite mere months after its inception, amassing a colossal $135 million in November 2021. In total, Mensa Brands has reaped over $200 million in equity support from global heavyweights like Accel, Tiger Global, Norwest Venture Partners, and Alpha Wave Global (formerly Falcon Edge Capital).
In February, the company successfully secured INR 300 crore in debt financing from Mumbai-based alternative debt platform TradeCred. “Over the past two years, we’ve masterfully scaled more than 20 beloved brands spanning beauty and FMCG, fashion, home goods, and consumer electronics. With this fresh influx of capital, we’re poised to craft more adored brands for India’s next generation,” exclaimed Narayanan in a statement.
Notably, Narayanan, formerly the CEO of Myntra Jabong and Co-founder of Medlife.com, has displayed Mensa’s impeccable execution prowess through the seamless acquisition of multiple brands. Rahul Shah, Partner at EvolutionX Debt Capital, expressed their anticipation of supporting Mensa as it continues its brand expansion, both domestically and internationally. Shah emphasized that this investment aligns with their strategy to invest in category-leading tech companies on the rise in Asia.
Mensa Brands, the proud owner of nearly 20 brands including iDiva, Dennis Lingo, and Pebble, clocked a staggering $41.2 million (about INR 310 crore) in revenue during its inaugural year of operation in FY22. Narayanan has positioned offline presence as the game-changer for the brand portfolio, explaining that offline retail is the logical next step for direct-to-consumer (D2C) brands once they surpass the INR 150 crore revenue milestone. In August, Mensa Brands made its grand entrance into the UAE’s e-commerce landscape, launching Villain, Pebble, and Folkulture on Amazon UAE and the Noon e-commerce platform.