According to a statement from Mensa Brands, the funds would be used for working capital investments, product development, supply chain integration, and brand acquisitions.
“We are pioneering the path to an industry-first tech-led house of brands with our five breakout category leaders,” said Ananth Narayanan, Founder and CEO of Mensa Brands. “With this additional capital, we will be able to double down on our growth ambition.”
Fifty ultra-high-net-worth individuals collectively participated in the Rs 300-crore financing arrangement.
Mensa, a direct-to-consumer brand acquisition company, was launched in May 2021. It follows a “house of brands” strategy. It has 25 brands, including Dennis Lingo, Villain, Pebble, and MyFitness. These brands are spread across fashion, home, beauty, and FMCG.
In its first year of operations, the Tiger Global-backed company reported revenue of $41.2 million (Rs 310 crore).
“TradeCred is delighted to partner with Mensa Brands… known for encouraging ‘Made in India’ products to become global and enabling Indian MSMEs to reach the doorsteps of global customers,” said Hardik Shah, TradeCred Founder.
Founded in 2018, TradeCred is a platform for alternative debt. It has over Rs 2,200 crore of assets under management and more than 20,000 active users (as of February 2022).