Thrasio-style house of brands player Mensa Brands acquired home-grown denim brand, High Star for an undisclosed amount, the company said in a statement on Monday.
High Star was launched in 2012 by Rohit Mirchandani. The company sells a wide range of denim products such as jeans, jackets, and skirts, among others, on e-commerce platforms such as Myntra, Ajio and Flipkart, the statement said.
“Within the first year of onboarding, Mensa will support us in areas such as digital marketing, technology, working capital management and channel expansion,” said Mirchandani.
“We are excited to welcome High Star to our tech-led house of global brands. Together, we are working towards boosting the brand’s growth trajectory, setting a target of achieving a 10x gross turnover for the brand within the next four to five years,” said Ananth Narayanan, Founder and CEO, Mensa Brands
“Our team has outlined a strategic roadmap for expanding the brand’s footprints in the domestic and international markets across channels to reach consumers and continue to improve customer experience," he added
Founded this year, Mensa Brands follows a ‘house of brands’or brand aggregation strategy, where it acquires and partners with digital-first brands, and looks to accelerate their growth through providing on-ground expertise and tech-led interventions around marketing, and operations, the statement said.
Earlier this month, Mensa acquired Mumbai-based home décor and kitchenware brand Folkulture.
Last month, Mensa became the fastest Indian unicorn (startup with a valuation of $1 billion) as it raised $135 million (around Rs 1,013 crore) as a part of its latest series B funding round led by Falcon Edge Capital’s growth stage platform, Alpha Wave Ventures.
Within six months of starting the business, Mensa has raised a total of more than $300 million (around Rs 2251 crore) in equity and debt. The company is backed by marquee global investors including Accel Partners, Falcon Edge Capital, Norwest Venture Partners, Prosus, and Tiger Global Management. It has also secured debt financing from Alteria Capital, InnoVen Capital, Piramal Capital, Stride Ventures, and TradeCred, among others, the statement said.