Mensa Brands has become the latest entrant to the unicorn club after $135 million fundraise as part of its Series B round led by Alpha Wave Ventures (Falcon Edge Capital). The financing round has raised the valuation of the six-month-old venture to about USD 1.2 billion making it the fastest Indian start-up to get the coveted unicorn status.
Prosus Ventures, as well as all existing investors including Tiger Global, Norwest Venture Partners, and Accel also participated in the latest capital exercise. In total, Mensa has raised $300 million in equity and debt funding.
The Bengaluru-headquartered firm has acquired 12 brands so far in categories such as designer sarees, jewellery, men’s wear, smart devices and personal care. Most of these brands are growing 100 percent year-on-year since the time of acquisition, the company said.
“Our deep focus on technology and digital brand building, as well as our people, has allowed us to grow three times our initial plan and we, at Mensa Brands, are primed to build global breakout brands from India. I am especially proud that more than 50 percent of our brands are led by women founders and that Mensa supports small and medium sized businesses across the country,” Narayanan said.
Founded by Ananth Narayanan, who previously served as the chief executive of fashion e-commerce giant Myntra, Mensa is among the best-funded players in the ecommerce rollup space in India, competing with GlobalBees, Upscalio and GOAT Brand Labs.