D2C unicorn Mensa Brands raises $36m in debt funding

Image credit: Timmy Loen

After a slew of M&A deals last year, Mensa Brands said it has raised 3 billion rupees (about US$36 million) in debt from TradeCred to continue the acquisition spree.

India-based Mensa Brands was launched in May 2021 and within just six months, it turned unicorn after raising a US$135 million series B round.

The roll-up ecommerce firm, which models after US major Thrasio, quickly acquired 25 brands across categories such as fashion, home, and beauty.

The additional capital will be used to “double down on our growth ambition,” Mensa Brands CEO Ananth Narayanan said in a statement.

Before establishing Mensa Brands, Narayanan co-founded and led e-health startup Medlife as CEO until its merger with Pharmeasy.

India could be facing the so-called “aggregator bubble,” with roll-up companies chasing for acquisitions to justify their valuations, as Tech in Asia previously analyzed in this report.

See also: India’s young roll-ups may be in for a wake-up call

Currency converted from Indian rupee to US dollar: US$1 =  Indian rupees.