E-commerce Roll-up Platform BRND.ME Prepares for Public Listing

E-commerce roll-up platform BRND.ME, previously known as Mensa Brands, is transitioning into a public entity after a resolution was approved, marking its preparation for an initial public offering (IPO). This move comes after the company’s shift of domicile from Singapore to India, a change sanctioned by the High Court of Singapore as well as the NCLT Chandigarh Bench for both organisations.

According to filings made with the Registrar of Companies (RoC), the board of BRND.ME has passed a special resolution to rebrand itself as Mensa Brand Technologies Limited, removing “Private” from its title. Reports indicate that BRND.ME is contemplating an IPO within the upcoming 12 to 18 months.

Recent Financial Moves by BRND.ME

Additionally, in March, the company’s board approved another resolution to issue 3,000 non-convertible debentures (NCDs) each valued at Rs 10 lakh, aiming to raise a total of Rs 300 crore through JM Financial and other avenues.

Established in 2021, BRND.ME invests in digital-first brands encompassing fashion, home, beauty, and food sectors, aiming to scale these rapidly. Its portfolio features well-known names like MyFitness and various wellness and lifestyle brands across India, the US, Canada, the Middle East, and Europe. The company operates in over 16 international markets and is planning to expand further into Southeast Asia.

Funding History and Financial Performance

This move marks the company’s first funding in a year, following a Rs 48 crore debt raise from Stride Ventures in April of the previous year. BRND.ME swiftly became one of the fastest Indian startups to achieve unicorn status after its $135 million Series B funding round in November 2021.

Financially, BRND.ME reported an estimated Rs 1,500 crore in revenue for FY25, with a target exit run rate for FY26 of Rs 1,700 to 1,800 crore. The company aims to achieve adjusted EBITDA profitability and reach a positive operating cash flow.

Domicile Shifts in the Indian Market

In recent times, numerous companies have relocated their domicile to India in anticipation of IPOs. Notable names include PhonePe, Zepto, Meesho, Razorpay, and Groww. Just last month, the e-commerce giant Flipkart also completed its reverse flip.