Mensa Brands, a direct-to-consumer (D2C) business, announced that it has acquired health food startup MyFitness for an undisclosed fee with the goal of growing the brand to Rs 1,000 crore in the following three to four years.
The acquisition will assist Mensa Brands in expanding to international markets, scaling D2C, launching new categories, and investing in brand-building.
“MyFitness is a fast-growing consumer-loved brand and we will scale the brand to have an omnichannel 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.
MyFitness, which was founded in 2019 by Mohammad Patel and Rahil Virani, is well-liked among athletes, Millennials, and Generation Z.
The first crispy peanut butter in the world and a chocolate peanut butter version are both being introduced by MyFitness in India.
Additionally, it serves as the official snack provider for the Delhi Capitals and Punjab Kings of the IPL.
“We’re thrilled to be partnering with Mensa Brands, a market leader proven to exponentially scale brands,” said Patel.
More than 30 SKUs (stock-keeping units) with an average selling price of Rs 500 are presently available at MyFitness.
Former CEO of Myntra and Medlife Narayanan launched Mensa Brands, which is supported by international investors including Accel Partners, Falcon Edge Capital, Norwest Venture Partners, Prosus, and Tiger Global Management.
In its first year of business, it recorded a net revenue run rate of Rs. 1,500 crores.