Tiger Global-backed Mensa Brands slashes net loss to 155.8 Cr in FY24, revenue up 11%

Rollup ecommerce startup Mensa Brandshas clocked an operating revenue of Rs 557.6 crore in FY24—an increase of 11.6% from Rs 499.6 crore in FY23, according to its filings with the Registrar of Companies (RoC).

The company’s consolidated net loss narrowed to Rs 155.8 crore in FY24 from Rs 227 crore in the previous fiscal.

Total expenses for the Indian entity of Mensa Brands stood at Rs 712 crore during the year under review—a decline of about 6.7% from Rs 763 crore in FY23.

The House of Brands unicorn owns and operates several consumer brands, including Pebble, Karagiri, Ishin Fashions, MyFitness, and Dennis Lingo, deriving most of its revenue from product sales. 

In line with its rising operating revenue, Mensa’s total income grew by 12% to Rs 598.2 crore in FY24, as compared to Rs 534.6 crore in FY23.

On the expenses front, the company’s employee benefit expenses surged to Rs 123.6 crore in FY24 from Rs 91.5 crore a year earlier. Meanwhile, advertising expenses declined to Rs 18.4 crore in FY24 from Rs 29.8 crore in FY23.

Depreciation, depletion, and amortisation expenses climbed to Rs 87.4 crore in FY24, up from Rs 58.6 crore in the previous year.

Founded by former Myntra CEO Ananth Narayanan in 2021, Mensa Brands has raised over $200 million in equity from global marquee investors including Accel Partners, Prosus, and Tiger Global, and has secured debt from Alteria Capital, InnoVen Capital, and Stride Ventures.

Speaking at YourStory's flagship tech summit, TechSparks 2024, Narayanan earlier stated the company’s plan on considering making its proprietary ecommerce advertising and pricing technology available for other direct-to-consumer (D2C) brands. 

In 2023, Mensa Brands raised $40 million from EvolutionX Debt Capital, and earlier that year secured Rs 300 crore in debt from TradeCred.

Mensa joined the unicorn club just months after its launch, with a $135 million fundraise in November 2021.