Founded in 2021 by former Myntra CEO Ananth Narayanan, Mensa Brands owns and operates several consumer brands.
The company has raised over $300 Mn in total funding so far.
The company's net loss doubled year-on-year (YoY) to INR 227 Cr in FY23. While its operating revenue surged over 137% YoY to INR 499.6 Cr
Tiger Global-backed Mensa Brands, known for acquiring and scaling fashion, home and personal care labels, is shifting its domicile from Singapore to India, Dealstreet Asia reported.
Inc42 has reached out to Mensa Brands
for comments on the development. The story will be updated based on the response.
Founded in 2021 by former Myntra CEO Ananth Narayanan, Mensa Brands owns and operates several consumer brands such as Pebble, MyFitness and Dennis Lingo among others. It earns a majority of its revenue from sale of products.
The company has raised over $300 Mn in total funding so far and counts Accel Partners, Prosus and Tiger Global, Alteria Capital, InnoVen Capital and Stride Ventures among its investors.
ILN founder Angad Bhatia was in talks with VC and PE firms to buy out Mensa’s stake in ILN. At the time, sources said that Mensa was unable to provide the capital required for ILN’s growth.
Notably, Mensa currently holds 100% stake in ILN. It also laid off around 30 employees from ILN in May 2023.
Mensa is yet to disclose its consolidated financial numbers for the financial year 2023-24 (FY24), its consolidated net loss doubled year-on-year (YoY) to INR 227 Cr in FY23. While its operating revenue surged over 137% YoY to INR 499.6 Cr in the year under review.
Meanwhile, the trend of reverse flipping is just picking up. It is driven by several factors, including tax benefits in India, easier regulatory compliance, and the potential for an Indian IPO.
In the line are the likes of Pine Labs, which is currently awaiting approval from India’s National Company Law Tribunal (NCLT) to relocate from Singapore.
Meanwhile, Razorpay and Meesho are also exploring options to shift their base from the US to India, though Meesho has yet to finalise its decision.
Similarly, Kreditbee and Eruditus are considering relocating to India, while Flipkart is engaged in internal discussions about a potential move from Singapore, with momentum expected to build in the coming months.
Recently, the corporate affairs ministry exempted overseas startups looking to merge with their wholly-owned Indian subsidiaries from seeking clearance from the National Company Law Tribunal (NCLT). The rules, effective from September 17, require the Reserve Bank of India’s approval for such mergers along with a nod from the government.
