Bengaluru (Karnataka) [India], June 1 (ANI): Former Myntra CEO Ananth Narayanan's Mensa Brands has raised 50 million dollars (about Rs 365 crore) to create a technology-led house of brands for the e-commerce industry.
The series A round of funding was led by Accel Partners, Falcon Edge Capital, Norwest Venture Partners as well as prominent angel investors like Kunal Shah, Mukesh Bansal, Rahul Mehta of DST Global and Scott Shleifer of Tiger Global.
Additionally, debt financing facilities from Alteria Capital and InnoVen Capital are also secured.
Mensa's vision is to partner and invest in digital-first brands and scale them exponentially. Over the next three years, the startup will acquire 50-plus brands across categories including home, garden, apparel, personal care and beauty.
Narayanan said scaling digital brands from India is a large opportunity.
"I am incredibly excited and passionate about partnering with terrific founders and helping scale their brands globally. Having seen this first hand at Myntra and Medlife, we know the effort it takes to scale a brand digitally. We will be a true trustee of your brand," he said.
Narayanan previously served as CEO of Myntra, Co-Founder and CEO at Medlife and also as a Senior Partner at McKinsey & Company.
Mensa's founding team has a combined experience of over 60 years in Indian and global e-commerce. It brings in-house domain expertise in marketplace-native technology, data mining and digital marketing, category management and operations, brand building and global expansion. (ANI)