House of brands startup BRND.ME, formerly known as Mensa Brands, is in advanced talks to raise around Rs 220–250 crore in a pre-IPO bridge round from its existing investors, according to people familiar with the matter.
The fresh capital is not expected to bring in new investors, and is primarily aimed at ensuring sufficient working capital runway ahead of the listing, they added.
The Tiger Global and Accel-backed firm has also roped in a new Chief Financial Officer (CFO) Akshay Jain from OLX India, replacing its outgoing finance chief and founding member Vinay Juluri, the sources said.
These developments are part of a broader operational reset by the company as it prepares for a potential public listing. The firm has already begun shifting its domicile back to India from Singapore--a key regulatory step for startups eyeing a domestic listing-- while continuing to trim stakes in brands, including Pebble and Renee.
“The process of shifting our domicile back to India is currently underway and is expected to be completed soon. An IPO remains a part of our roadmap; however, we will not be able to comment on specific timelines at this point,” the company spokesperson said in an emailed response.
The company declined to comment on the fundraise or the CFO transition.
Portfolio cleanup in progress
Alongside the fundraise, the House of Brands unicorn has been transitioning from an aggressive acquisition-led model to a more focused strategy centered on scaling in-house consumer brands, while simplifying its investment portfolio.
The firm confirmed it has exited smartwatch brand Pebble—acquired in 2022—and now holds a reduced, minority stake in Renee Cosmetics, which it considers a financial investment.
“Our strategic focus remains on building and scaling our own consumer brands across the Health & Wellness and Lifestyle segments. We have taken some strategic calls to simplify our portfolio, which led to divestment of some of our financial and non-strategic assets including Pebble,” the spokesperson said.
“As for Renee, we continue to hold a minority stake in the business. This investment was financial in nature and outside the scope of our core operating strategy. Given Renee’s strong performance, we have received incoming interest for our Renee stake,” the company added.
Since its launch in 2021, the firm has acquired around 20 digital-first brands across apparel, beauty and personal care, and home decor, while raising over $207 million from investors including Alpha Wave Global, Accel, Tiger Global, Prosus, and Norwest Venture Partners.
The company, founded by former Myntra CEO Ananth Narayanan, operates brands such as Karagiri, Ishin Fashions, MyFitness, Dennis Lingo, BeyBee, High Star, BonKids, Folkulture, and Botanic Hearth, among others.
Cash flow positive
The company also claimed it turned cash flow positive in FY24—at a time when several other consumer roll-up players are under pressure. “This past year we hit a major milestone—we’re not just running strong, we’re cash flow positive, a feat difficult to achieve by most in the space,” it said. “We foresee tremendous growth potential for our current brands, both domestically and internationally.”
On consolidated basis, Mensa clocked an operating revenue of Rs 557.6 crore in FY24—an increase of 11.6% from Rs 499.6 crore in FY23. The company’s consolidated net loss narrowed to Rs 155.8 crore from Rs 227 crore while the expenses trimmed by 7 percent to Rs 712 crore during the said year. Its FY25 financials are yet to be filed.
The statement comes amid mounting troubles at rival Good Glamm Group, which has seen a series of leadership exits, layoffs, and a deepening liquidity crunch.
The Mumbai-based firm is reportedly selling (Miss Malini, Scoopwhoop, Sirona Hygiene) or exploring the sale of several of its portfolio brands to shore up capital and reduce burn, Moneycontrol exclusively reported in October last year.
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