Mensa Plans Renee Exit After Pebble Sale
Mensa Brands, started by ex-Myntra CEO Ananth Narayanan, is to sell its about 11% holding in Renee Cosmetics, after having exited wearables brand Pebble recently. This has been viewed as a step in Mensa’s overall strategy to prune its brand portfolio and make itself ready for a planned public listing in India. The potential sale would peg Renee Cosmetics at anywhere between ₹2,000 crore and ₹2,500 crore, potentially generating some ₹200 crore for Mensa, which had invested $10 million in Renee as part of its Series A round in 2022.
Renee Cosmetics, founded in 2019 by Aashka Goradia Goble, Ashutosh Valani, and Priyank Shah, has become one of the leading cruelty-free beauty brands. Its extensive product range consists of eye makeup, lipsticks, serums, and highlighters. Renee has greatly increased its reach both online and offline with its products being sold on major e-commerce sites and more than 500 retail stores in India.
Mensa’s move out of Renee and Pebble is in sync with its readiness for a $100 million fundraise, which is targeting a valuation of $850 million. The firm is also shifting its headquarters from Singapore to India in order to match Indian capital markets better, following the footsteps of startups like Flipkart and Zepto. Mensa has moved out of Renee while shooting down rumors regarding the sale of other brands like Villain, a men’s grooming brand.
This change of strategy comes as Mensa aims to prioritize the enhancement of its brand portfolio and capital structure before it’s expected IPO within the next three years.
