Mensa Brands Narrows FY24 Net Loss to ₹155.8 Cr, Revenue Rises 11%

Mensa Brands Narrows FY24 Net Loss to ₹155.8 Cr, Revenue Rises 11%

Tiger Global-backed Mensa Brands, the roll-up ecommerce startup, has reported an operating revenue of ₹557.6 crore in FY24, marking an 11.6% increase from ₹499.6 crore in FY23, according to its latest filings with the Registrar of Companies (RoC). The company’s net loss reduced significantly to ₹155.8 crore in FY24, down from ₹227 crore the previous year.

Expense Management and Strategic Shifts

Mensa’s cost optimization efforts seem to be bearing fruit. Total expenses for its Indian entity dropped by 6.7%, falling from ₹763 crore in FY23 to ₹712 crore in FY24. The decline in advertising expenses—from ₹29.8 crore to ₹18.4 crore—contributed to this reduction, suggesting a shift towards more efficient marketing strategies.

However, the startup did see a rise in employee benefit costs, which increased to ₹123.6 crore from ₹91.5 crore in FY23. Depreciation and amortisation expenses also rose sharply to ₹87.4 crore from ₹58.6 crore, indicating continued investment in assets and technology.

Growth in Total Income and Brand Portfolio Performance

Total income grew by 12% year-on-year, reaching ₹598.2 crore in FY24, up from ₹534.6 crore. Mensa, which operates under the "House of Brands" model, generates the bulk of its income through direct product sales across its portfolio.

Its consumer brand lineup includes Pebble, Karagiri, Ishin Fashions, MyFitness, and Dennis Lingo, covering categories from electronics and fashion to wellness. These brands have been central to Mensa’s strategy of acquiring and scaling digital-first D2C labels.

Funding and Future Plans

Founded in 2021 by Ananth Narayanan, the former CEO of Myntra, Mensa Brands quickly became one of India’s fastest startups to achieve unicorn status. It raised $135 million in November 2021, propelling it into the unicorn club just months after its inception.

Since then, the company has raised over $200 million in equity from global investors such as Tiger Global, Accel Partners, and Prosus, alongside debt funding from Alteria Capital, InnoVen Capital, Stride Ventures, and EvolutionX Debt Capital, the latter contributing $40 million in 2023.

At the TechSparks 2024 summit, Narayanan hinted at future tech-driven initiatives, including the potential commercialization of Mensa’s proprietary ecommerce advertising and pricing technology for other D2C players—a move that could open up new revenue streams and further differentiate the brand.

Outlook

Despite market challenges, Mensa Brands is showing strong financial discipline and steady revenue growth. With ongoing investment in technology and brand integration, it remains a key player in India’s evolving ecommerce landscape—building not just a portfolio of brands, but a robust engine for digital-first consumer growth.