Rollup ecommerce startup Mensa Brands has reported an operating revenue of Rs 557.6 crore for FY24, marking an increase of 11.6% compared to Rs 499.6 crore in FY23, as confirmed by its filings with the Registrar of Companies (RoC). The company’s consolidated net loss has decreased to Rs 155.8 crore in FY24, down from Rs 227 crore in the previous fiscal year.
Financial Overview
- Total Operating Revenue: Rs 557.6 crore in FY24, up from Rs 499.6 crore in FY23.
- Consolidated Net Loss: Rs 155.8 crore in FY24, compared to Rs 227 crore in FY23.
- Total Expenses: Rs 712 crore for the year, a reduction of approximately 6.7% from Rs 763 crore in FY23.
Mensa Brands Portfolio
This unicorn house of brands owns and operates several consumer labels, such as:
- Pebble
- Karagiri
- Ishin Fashions
- MyFitness
- Dennis Lingo
Most of the company’s revenue is derived from product sales. In line with its growth in operating revenue, Mensa’s total income rose by 12% to Rs 598.2 crore in FY24, compared to Rs 534.6 crore in FY23.
Expense Breakdown
- Employee Benefit Expenses: Increased to Rs 123.6 crore in FY24 from Rs 91.5 crore the prior year.
- Advertising Expenses: Decreased to Rs 18.4 crore in FY24 from Rs 29.8 crore in FY23.
- Depreciation, Depletion, and Amortisation Expenses: Rose to Rs 87.4 crore in FY24, up from Rs 58.6 crore a year earlier.
Funding and Future Plans
Founded in 2021 by former Myntra CEO Ananth Narayanan, Mensa Brands has successfully raised over $200 million in equity from esteemed global investors such as Accel Partners, Prosus, and Tiger Global. Additionally, the company has secured debt from Alteria Capital, InnoVen Capital, and Stride Ventures. At the StartupSuperb’s flagship tech summit, TechSparks 2024, Narayanan indicated that Mensa Brands intends to consider making its proprietary ecommerce advertising and pricing technology accessible to other direct-to-consumer (D2C) brands.
In 2023, Mensa Brands successfully raised $40 million from EvolutionX Debt Capital, and earlier in the year, obtained Rs 300 crore in debt from TradeCred. Remarkably, Mensa joined the unicorn club just a few months following its inception, having raised $135 million in November 2021.