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Mensa Manufacturers, a startup based by former Myntra CEO Ananth Narayanan has raised near $50 million in sequence A funding from Accel Companions, Falcon Edge Capital and Norwest Enterprise Companions. Angel buyers Kunal Shah, Mukesh Bansal, DST World’s Rahul Mehta and Scott Shleifer of Tiger World additionally participated within the monetary spherical.
The agency additionally secured debt financing from Alteria Capital and Innoven Capital, it mentioned in an announcement on Monday.
The corporate goals to deliver a cluster of manufacturers beneath its aegis and plans to associate and put money into digital-first manufacturers. Mensa is seeking to purchase greater than 50 manufacturers throughout classes together with house, backyard, attire, private care and wonder over the subsequent three years.
The idea is akin to the one adopted by US-based firm Thrasio. The corporate acquires third-party manufacturers that promote on Amazon and helps construct on their progress.
“After acquisition, we will likely be utilizing know-how, product and our e-commerce experience to scale these manufacturers up. We are going to attempt to develop the manufacturers not simply in India however globally,” Narayanan advised FE. Mensa plans to accumulate mid-sized manufacturers that make anyplace between Rs 10 crore-Rs 70 crore in revenues yearly. “We would like them to be Ebitda worthwhile and so they must be primarily on-line. So, greater than 70% of their revenues wants to return on-line,” Narayanan mentioned.
“Why do founders come and work with us? They consider their manufacturers can develop quicker working with us and in partnership with us. They get a monetary return upfront which is after we purchase the bulk, we pay them. They’ll proceed to revenue from the model even because the model grows,” Narayanan added.
Mensa, which needs to construct a “technology-led home of manufacturers for the e-commerce world” mentioned it is going to scale up the manufacturers via the appliance of progress advertising and marketing, operational enchancment and dealing capital administration.
“With digital acceleration of commerce globally, this mannequin could be additive to the model house owners, the platforms and the customers and will thus scale quickly,” mentioned Subrata Mitra, Accomplice at Accel Companions.
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