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New Delhi, Sep 12 (IANS) Direct-to-consumer (D2C) company Mensa Brands on Monday said it has acquired healthfood startup MyFitness for an undisclosed sum, with an aim to make it a Rs 1,000 crore brand in the next three-four years.
The acquisition will help Mensa Brands launch new categories, scale D2C, invest in brand-building and expand to global markets.
"MyFitness is a fast-growing consumer-loved brand and we will scale the brand to have an omni-channel global presence by leveraging our tech-led playbook. We believe we can build MyFitness into a Rs 1,000 crore brand in the next three-four years," said Ananth Narayanan, Founder and CEO, Mensa Brands.
Founded in 2019 by Mohammad Patel and Rahil Virani, MyFitness is popular among fitness enthusiasts, Millennials, Gen Z, and sportsperson.
MyFitness is the first to launch a chocolate variant of Peanut Butter in India and the world's first crispy Peanut Butter.
It is also the official snacking partner of IPL teams, Punjab Kings and Delhi Capitals.
"We're thrilled to be partnering with Mensa Brands, a market leader proven to exponentially scale brands," said Patel.
MyFitness currently has more than 30 SKUs (stock keeping units) with an average selling price of Rs 500.
Mensa Brands, founded by Narayanan who is former CEO of Myntra and Medlife, is backed by global investors like Accel Partners, Falcon Edge Capital, Norwest Venture Partners, Prosus and Tiger Global Management.
It registered a net revenue run rate of Rs 1,500 crore in the first 12 months of operations.
--IANS