Mensa Brands, a Thrasio-style investment firm recently started by former Myntra and Medlife CEO Ananth Narayanan, has raised nearly $ 50 million (Rs 363 crore) as part of its Series A funding.
Mensa Brands, which aims to acquire sellers in e-commerce markets, has mainly raised capital from Accel, Falcon Edge Capital and Norwest Venture Partners, according to a press release.
Angel investors including Cred founder Kunal Shah, Rahul Mehta of DST Global and Scott Shleifer of Tiger Global also participated in this round. Debt financing facilities from Alteria Capital and InnoVen Capital were also guaranteed.
“The scaling up of Indian digital brands is a great opportunity. Incredibly excited and passionate about partnering with great founders and helping to grow their brands globally, ”said Narayanan.
Narayanan left Medlife in March this year, when pharmacy unicorn PharmEasy was set to acquire the Bengaluru-based brand. Prior to Myntra, he was a senior partner at McKinsey & Company.
Over the next three years, Mensa plans to acquire more than 50 brands in categories such as home, garden, clothing, personal care and beauty. It will buy, consolidate and accelerate businesses that sell products in e-commerce markets in India.
“At Mensa, we are witnessing the birth of ‘Thrasio of India’ and we are delighted to support Ananth and her team in their vision to create the first digital house of brands in India,” said Niren Shah, Managing Director of Norwest Venture Partners India.
Thrasio is a Boston-based e-commerce startup that acquires small merchants and brands that retail on the Amazon Marketplace.
Several Indian startups and major players are already trying to replicate the model.
Last month, omnichannel children’s retailer FirstCry received a $ 75 million pledge from Japan’s SoftBank, TPG, ChrysCapital and PremjiInvest to launch India’s largest Thrasio-style investment firm, Global Bees.
Earlier that same month, VCCircle reported that consumer-focused venture capital firm Fireside Ventures was in advanced talks to support a stealth-based startup based on Thrasio.