Mensa Brands raises $40 million in growth capital from EvolutionX

Mensa Brands will use the money to continue investing in brand-building

E-commerce company Mensa Brands announced on Thursday that it has secured $40 million in growth capital from EvolutionX Debt Capital through a mix of debt facility and convertible investment. The company owns several consumer brands, including Pebble, MyFitness, Dennis Lingo, and Villain.

Mensa Brands intends to utilise the funds to continue its investment in brand development. EvolutionX was established by DBS and Temasek.

"We are thrilled to collaborate with long-term, esteemed investors like EvolutionX. Over the past two years, we have scaled more than 20 brands across sectors such as beauty and fast-moving consumer goods (FMCG), fashion, home, and consumer electronics, in a profitable manner. We plan to deploy this fresh capital in continuing to build brands that resonate with the next generation of India," stated Ananth Narayanan, founder and Chief Executive Officer of Mensa Brands.

In November 2021, Mensa Brands secured $135 million in funding at a valuation exceeding $1 billion, making it the fastest Indian start-up to attain unicorn status.

The company has amassed $200 million in equity from eminent global investors, including Accel Partners, Falcon Edge Capital, Norwest Venture Partners, Prosus Ventures, and Tiger Global Management. Debt financing has also been obtained from Alteria Capital, InnoVen Capital, Stride Ventures, and TradeCred.

"Mensa has demonstrated its execution prowess with the successful acquisition of multiple brands. We eagerly anticipate supporting the company's trajectory as it expands its brand portfolio in both domestic and international markets. This investment aligns with our ongoing strategy to back category-leading, growth-stage technology companies in Asia," said Rahul Shah, partner at EvolutionX Debt Capital.