Mensa Brands raises Rs 300 Cr debt from TradeCred
The company plans to use the funds for brand acquisitions, product development, supply chain integration, and working capital investment.
Bengaluru-basedhas raised Rs 300 crore in debt from TradeCred, a Mumbai-based alternative debt platform.
Mensa Brands said, in a statement, that it plans to use the funds for brand acquisitions, product development, supply chain integration, and working capital investment.
"We are pioneering the path to an industry-first tech-led house of brands with our five breakout category leaders," said Ananth Narayanan, Founder and CEO of Mensa Brands. "With this additional capital, we will be able to double down on our growth ambition."
Fifty ultra-high-net-worth individuals collectively participated in the Rs 300-crore financing arrangement.
Launched in May 2021, Mensa follows a 'house of brands' strategy through which it acquires direct-to-consumer brands. It has 25 brands across fashion, home, beauty and FMCG, including Dennis Lingo, Villain, Pebble, and MyFitness.
The Tiger Global-backed company reported a revenue of $41.2 million (Rs 310 crore) in FY22, in its first year of operations, while it posted a loss of $16.41 million (Rs 135 crore). For FY22, it spent $88.5 million (Rs 670 crore) in acquisitions.
"TradeCred is delighted to partner with Mensa Brands... known for encouraging ‘Made in India’ products to become global and enabling Indian MSMEs to reach the doorsteps of global customers," said Hardik Shah, TradeCred Founder.
TradeCred is an alternative debt platform founded in 2018. It has over Rs 2,200 crore of assets under management and more than 20,000 active users (as of February 2022).
(This story was updated with additional information on the company's earnings.)
Edited by Swetha Kannan