Mensa Brands registers $41M revenue in first year of operations
Tiger Global-backedlogged a revenue of $41.2 million (Rs 310 crore) in FY22 in its first year of operations.
Founded by Ananth Narayanan in 2021, the company follows a 'house of brands' strategy through which it acquires several direct-to-consumer brands earning revenue up to $10 million and earns from the operations of these firms. Over a period of 20 months, Mensa added about 25 startups including MensXP, iDiva, Hypp to its portfolio.
It spent $88.5 million (Rs 670 crore) in acquisitions in FY22, Entrackr reported. Mensa's loss stood at $16.41 million (Rs 135 crore).
The company attained unicorn status in November 2021, making it one of the fastest internet-led startups to do so.
The cost of materials of $19.2 million was the company's largest expense, while marketplace expenses and finance cost followed. Total expenses stood at $59.5 million (Rs 450 crore).
Mensa has so far raised a total of more than $300 million in equity and debt. Investors include Alpha Wave Ventures, Falcon Edge Capital, Accel Partners, Norwest Venture Partners, Tiger Global Management, and Prosus Ventures (Naspers).
"We are looking to build a global tech house of brands. We're trying to genuinely see if we can build a new-age house of brands. It has been a good strong start for us, and have partnered with 12 brands already. All of the 12 brands we have on our portfolio are growing at a 100% year-on-year," Ananth Narayanan, Founder and CEO, Mensa Brands, had previously told YourStory.