Bengaluru-based is looking to expand its product line as part of its FMCG brand, . The brand, which claims to lead the market share for peanut butter in India, will add adjacent product categories, said Ananth Narayanan, Founder and CEO of Mensa Brands.
“The healthy snacks market is a nearly $4 billion opportunity including that for protein supplements and others. With the launch of new categories across rolled oats, muesli, whey protein and protein bars, we hope that MyFitness achieves Rs 1000 crore ARR (Annual Revenue Run-rate) in the next three years,” Narayanan told YourStory.
According to multiple reports, while Kellogs leads the breakfast cereal market in India, Pepsico’s Quaker Oats and Baggry’s have a strong presence in the rolled oats category. While these brands are looking to tap into the market predicted to grow at 8.2% CAGR by 2028 as per a Mordor Intelligence report, Narayanan adds that MyFitness is looking to corner a segment with its protein-fortified offerings.
He added that the brand, which reached EBITDA profitability in FY2024, will continue to be profitable despite the new launches. MyFitness claims to clock an ARR of Rs 300 crore across multiple touch points, including ecommerce platforms, quick commerce, and offline channels of distribution. It currently has a presence across 20,000-plus retail stores including general and modern trade outlets.
“We are investing across multiple capacities to grow MyFitness. We will continue to invest in brand marketing with our brand ambassador Hrithik Roshan and other influencers, apart from strengthening our backend ramping up the sales team, grow the product development and R&D team and continue to leverage our distribution through MensXP and iDiva,” said Narayanan, adding that Mensa currently had enough capital to continue to grow its brands.
The house of brands currently has a portfolio of 25 brands across beauty and FMCG, fashion, home and garden, and content. Founded in 2021 by Narayanan who was previously the CEO at Flipkart Group’s fashion vertical Myntra, Mensa Brands has raised $201 million in equity based funding according to data research platform Tracxn. The company last raised $40 million in debt from EvolutionX in October 2023.
The company has been bullish on offline expansion for its portfolio of D2C brands, which have crossed the Rs 100 crore ARR mark.
“We are not looking to exit any of the brands…the idea is to take the house of brands public,” Narayanan told YourStory.
Edited by Megha Reddy
