The Tiger Global and Accel-backed firm, which claims to have turned cash flow positive, 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, per sources.
Earlier in the year, Mensa had said it is now shifting focus to now concentrate on larger companies.
This is Mensa’s second loan in less than eight months. Startups typically take loans to avoid diluting equity in the company
In a late evening hearing of the vacation bench, the High Court issued notice to the respondents asked the company to file a response to Bo Internationa's CEO Aayush Gupta's plea.
Bo International said Mensa’s efforts to develop the Florona brand were insufficient and led to a fall in the revenue-linked consideration payable.
So far, the Tiger Global-backed company has acquired at least 17 companies between October 2021 and December 2022 but has gone slow on its acquisition spree after that.
Thanks to Thrasio's model, several e-commerce roll-up brands have mushroomed in India. Mensa Brands, GlobalBees, GOAT Brand Labs, Evenflow, Powerhouse 91, 10Club and Upscalio are the other players in the field
The funds will be used for new brand acquisitions as well as brand growth, including product development, supply chain integration, and working capital investment, the company said in a statement.
Mensa founder and CEO Ananth Narayanan says his grandfather’s brick business and his father’s time at Hindustan Motors inspired him to build and scale the tech-led house of brands
In the last one year, Mensa Brands has acquired four brands in the ethnic fashion category. The company is looking to grow its ethnic fashion vertical to be a $300-million business in the next five years.
On acquisitions, Narayanan added that this year will be better for roll-up e-commerce as brands will be looking out for investments, amid the market slowdown.
Mensa looks to multiply its gross turnover 10-fold in the next five years through a series of acquisitions
LilPicks was founded by Riya Gupta in 2017 with a small seed fund and is growing at 3X of last year’s sales, according to the company.
Mensa earlier said that most of these brands are growing 100 percent year-on-year since the time of acquisition.
These brands cater across five cities and serve millions of customers in India and around the world.