Mensa Brands’ FY24 Loss Narrows 31% To INR 156 Cr

House of brands unicorn Mensa Brands’ consolidated net loss declined about 31% to INR 155.85 Cr in the fiscal year 2023-24 (FY24) from INR 227.03 Cr in the previous fiscal. 

The startup saw its operating revenue increase 11.6% to INR 557.66 Cr during the year under review from INR 499.63 Cr in FY23. 

As a startup that owns and operates consumer brands such as Pebble, MyFitness, Dennis Lingo, among others, Mensa Brands earns a majority of its revenue from sale of products. 

Including other income of INR 40.53 Cr, the startup’s total income stood at INR 598.20 Cr in FY24.

Founded in 2021 by former Myntra CEO Ananth Narayanan, Mensa Brands has raised a total funding of about $300 Mn to date. It counts marquee investors like Accel Partners, Prosus, and Tiger Global among its backers.

While profitability continues to allude Mensa Brands, its D2C food brand MyFitness earlier claimed to have turned EBITDA profitable in the fiscal year with a revenue of about INR 200 Cr to INR 225 Cr.

In September last year, Inc42 also reported that India Lifestyle Network (ILN), which runs MensXP, iDiva, and Hypp, is looking to separate from its parent Mensa Brands. 

Meanwhile, Mensa Brands is reportedly eyeing an initial public offering (IPO). In October last year, it was reported that the unicorn was looking to shift its domicile from Singapore to India with an eye on the IPO. 

Breakdown Of Mensa’s Expenses

Despite the increase in its top line, Mensa Brands managed to trim its total expenses by 7% to INR 712.60 Cr in FY24 from INR 763.22 Cr in the previous fiscal year. The startup made no new acquisition in FY24, with its last acquisition being that of ILN from Times Network for an undisclosed amount in December 2022. 

Purchases Of Stock-In-Trade: At INR 208.24 Cr, this was the biggest expense for the startup. It was 26% higher than INR 165.07 Cr in FY23. 

Employee Expenses: The spending under the head surged 35% year-on-year to INR 123.60 Cr. Employee expenses include salaries, gratuity and other benefits. The sharp increase indicates that the unicorn might have increased its headcount during the year under review.

Advertising Spends: In a bid to reduce its loss, Mensa Brands cut its advertising expenditure by 38% to INR 29.81 Cr from INR 18.43 Cr in FY23.

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