Former Myntra CEO’s Mensa Brands has announced that it has secured $50 million as it closes its Series A funding round. The round saw participation from Norwest Venture Partners, Falcon Edge Capital, Accel Partners along with angel investors Kunal Shah, Rahul Mehta, Mukesh Bansal, and Tiger Global’s Scott Shleifer.
“The fund will be used to nurture, accelerate and scale digital-first brands,” the startup said in a statement.
Commenting on the development, Founder and CEO of Mensa Brands – Ananth Narayanan, said, “Scaling digital brands from India is a large opportunity. 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.”
Partner at Accel Partners – Subrata Mitra added, “We’re excited to partner with Ananth and the team at Mensa. Not only are they truly strategic and have a high calibre, but also have chosen the problem of brand aggregation that we believe has the right tailwinds. With the digital acceleration of commerce globally, this model would be additive to the brand owners, the platforms and the consumers and should thus scale rapidly.”
Arya has been a part of the Content & Research Team at Hrnxt.com. She is a keen observer of economic developments, emerging businesses, people in business and keeps a tab on latest happenings in the business environment.