MyFitness also claimed to have clocked a revenue of about INR 200-INR 225 Cr in FY24
After branding itself as a peanut butter brand, the startup is slowly increasing its product categories as it aims to become a full-fledged sports nutrition brand
From a current annual revenue run-rate of INR 300 Cr, Mensa wants to scale MyFitness to an INR 1,000 Cr run-rate business in three years
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Fitness-focussed D2C food brand MyFitness, which was acquired by house of brands unicorn Mensa Brands in 2022, claimed to have turned EBITDA profitable in the financial year 2023-24 (FY24) with a revenue of about INR 200-INR 225 Cr.
Speaking to Inc42, Ananth Narayanan, the founder and CEO of Mensa Brands, said that MyFitness’ topline has more than doubled since the acquisition of the peanut butter brand around September 2022 by Mensa.
Founded in 2019 by Mohammad Patel and Rahil Virani, MyFitness has so far branded itself as a peanut butter brand. However, the startup is slowly increasing its product categories as it aims to become a full-fledged sports nutrition brand.
Following significant growth and increasing market opportunities, MyFitness recently launched its whey protein, rolled oats and muesli. The startup is also likely to launch products in the protein bar category.
With the foray in the new categories, the startup will lock horns with new-age brands like Boldfit, MuscleBlaze, AS-IT-IS Nutrition, and Myprotein, as well as established brands and market leaders like GNC and Optimum Nutrition (ON).
MyFitness follows an omnichannel model, with the offline channel contributing around over 40% to its total revenue. MyFitness currently has a presence in more than 20,000 retail stores, which it aims to increase to over 50,000 in the next 12 months.
Narayanan said the D2C brand served around 2 Mn customers in FY24.
“MyFitness is the largest peanut butter brand in the country with an INR 300 Cr annual revenue run-rate business if we take the last three months of the year. Mensa wants to scale this to an INR 1,000 Cr run-rate business in three years. Besides portfolio expansion and increasing retail presence, we are also starting to take it global,” said Narayanan.
After entering the Middle East market, MyFitness is now eyeing the US – one of the biggest markets for peanut butter in the world.
Besides, MyFitness is also mulling entry into the sports supplements category in the next six months.
Founded in 2021 by former Myntra CEO Narayanan, Mensa Brands acquires digital-first brands across verticals and helps them scale up. Pebble, Karagiri, MensXP, and iDiva are some of the other brands in its portfolio. The unicorn has raised over $200 Mn in equity funding from investors like Accel Partners, Prosus, and Tiger Global till date. Its debt investors include Alteria Capital, InnoVen Capital, and Stride Ventures.
While Mensa is yet to disclose its consolidated financial numbers for FY24, its net loss more than doubled year-on-year (YoY) to INR 227 Cr in FY23. Operating revenue surged over 137% YoY to INR 499.6 Cr in the fiscal.
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