Alpha Wave Global-backed D2C unicorn Mensa Brands has acquired Noida-based consumer electronics brand Pebble, marking its debut deal in smart wearables segment.
The deal, as per a press statement, will strengthen Pebble's online footprint and amplify its marketing and branding effort to become a household digital brand.
The development was first reported by VCCircle on May 27. This is Mensa’s 21st reported transaction.
“In the fast-growing smart wearables segment, we believe Pebble stands apart as it combines fashion with technology. Our collaboration with Pebble will take it to wider audiences and geographies, scaling its business exponentially in the process,” said Ananth Narayanan, founder and chief executive officer, Mensa Brands.
Pebble was founded in 2013 by the father and daughter duo, Ajay and Komal Agarwal. The startup kicked off operations with power banks and nine years later the company has evolved into an entity with over 100 products cutting across 8 product categories. The company primarily sells headphones, wireless speakers, smart wearables, chargers and tablets besides power banks.
“While maintaining our commitment to innovative at affordable prices, Mensa brands will provide us with digital brand building capabilities to disrupt the global smart wearables market,” said Komal Agarwal.
Pebble also exports items to Nepal, Bangladesh, West Asia and African nations including UAE, Qatar, Saudi Arabia, Kenya and Tanzania.
Pebbles competes with the likes of prominent leaders such as IPO-bound boAt, Noise, Mivi, PTron and Boult among its Indian counterparts. However, foreign players such as Sony, Skullcandy, JBL, Xiaomi have a significant presence too in the audio accessories market in the country.
Mensa Brands, which was founded in 2021, follows a 'house of brands' strategy, in which it acquires and partners with digital-first brands, with the goal of accelerating growth by providing on-the-ground expertise and tech-led interventions in marketing and operations.
In February this year, Mensa led a Series A round of $75 million funding for homegrown beauty brand RENEE Cosmetics. This was a rare investment where Mensa Brands co-invested with other venture capital funds. Usually, the Ananth Narayanan-led entity vies for majority stake in any startup and has added over dozen till date.
In January, Mensa marked its 15th acquisition by bringing leather brand Estalon under its stable, followed by Mumbai-based home décor and kitchenware brand Folkulture and home-grown denim brand High Star, in December.
In November 2021, 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.
Mensa has raised more than $300 million (about Rs 2,251 crore) in equity and debt in less than six months since launching the company. Accel Partners, Alpha Wave Global, Norwest Venture Partners, Prosus and Tiger Global Management are among the company's notable investors. Alteria Capital, InnoVen Capital, Piramal Capital, Stride Ventures, and TradeCredit have all provided debt financing to the company.
FirstCry-backed GlobalBees, Fireside-backed 10Club, Powerhouse91, Upscalio, and Evenflow are among the other entrants in the thrasio-styled business model category.