The archive · Commerce & Marketplaces · Strategic decision · 2021–2025
Mensa Brands' D2C roll-up bet: India's fastest unicorn, then a three-year grind to profit
Ananth Narayanan's roll-up hit $1.2B in seven months, stopped buying when funding froze, and by FY25 was profitable and cash-generating as BRND.ME.
Mensa Brands · BRND.ME
What the business is
A Thrasio-style 'house of brands' roll-up that acquires Indian D2C brands (fashion, beauty, home furnishing) and scales them with tech, marketing and marketplace playbooks.
How it started
Founded in May 2021 by Ananth Narayanan, former CEO of Myntra and Medlife, Mensa followed Thrasio's US roll-up model in India. Within seven months it raised a $50M Series A and a $135M Series B at about $1.2B — India's fastest unicorn — and planned to grow from 12 acquired brands to 40 within 12–18 months.
What happened
The buying spree stopped when the funding winter hit: after raising $200M+ in equity and layering on debt (₹300 Cr from TradeCred, $40M from EvolutionX in 2023), Mensa shifted from acquisitions to making its existing brands profitable. FY24 revenue rose 11.6% to ₹557.6 Cr while the net loss narrowed to ₹155.8 Cr from ₹227 Cr; total expenses fell ~6.7% to ₹712 Cr.
How it ended up
Mensa survived the roll-up bust that killed peers: after a three-year grind it claims profitability and cash generation, renamed itself BRND.ME, and is moving its base from Singapore to India ahead of a potential IPO — a far humbler ending than the 40-brands-in-18-months plan it sold in 2021.
Background
Mensa Brands was founded in May 2021 by Ananth Narayanan, former CEO of Myntra and Medlife, importing Thrasio's US playbook into India: buy majority stakes in proven digital-first consumer brands and scale them with marketplace expertise. Within seven months it raised a $50M Series A and a $135M Series B at about $1.2B, making it India's fastest unicorn, with 12 brands acquired and plans to reach 40 in 12–18 months.
The engine seized when cheap equity disappeared. After raising $200M+ in equity and layering on debt — including ₹300 Cr from TradeCred and $40M from EvolutionX — Mensa stopped buying and had to fix what it owned. FY24 revenue grew 11.6% to ₹557.6 Cr while the net loss narrowed to ₹155.8 Cr from ₹227 Cr, with total expenses down about 6.7%.
By late 2025, renamed BRND.ME, the company told YourStory it was profitable and generating cash, was flipping its domicile from Singapore to India, and had IPO plans on the horizon. It now runs three or four large brands rather than forty — a survival story that shows the roll-up bet only pays off if you can stop buying when the money stops.
What has to be true
- The bet was that buying growth was faster than building it: Mensa applied Myntra-era marketplace playbooks to acquired brands and hit unicorn pace in seven months.
- The model was hostage to capital markets: acquisitions at $4–5M average tickets needed endless fresh equity, and the funding winter stopped the machine mid-flight.
- When buying stopped, Mensa had to make its portfolio profitable — FY24 losses narrowed by a third and expenses fell, but it took three years of grinding.
- The renamed BRND.ME now claims cash generation and an India flip ahead of an IPO — proof the underlying brands had value, but far from the 40-brand empire pitched in 2021.
What can be applied
Roll-ups need cheap capital: when funding froze, the buy-40-brands bet died, and survival meant pivoting from growth to profitability — a three-year grind.
Aftermath
As of November 2025, BRND.ME (formerly Mensa Brands) says it is profitable and generating cash, per CEO Ananth Narayanan at TechSparks 2025. The company is shifting its domicile from Singapore to India and weighing a public listing, though no timeline was given. Its portfolio is down to three or four large brands, including peanut-butter maker MyFitness, and it says it remains open to new acquisitions when they fit. FY24 filings showed operating revenue of ₹557.6 Cr and a net loss of ₹155.8 Cr.
Sources
- Mensa Brands becomes India's fastest startup to turn unicorn, raises $135 mn
- Tiger Global-backed Mensa Brands slashes net loss to 155.8 Cr in FY24, revenue up 11%
- BRND.ME turns profitable, generates cash: CEO Ananth Narayanan
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