BRND.ME converts to public entity, plans IPO in 12-18 months

Key Takeaways

• BRND.ME has converted from a private to a public limited company, the first formal step toward an IPO
• The company claims adjusted EBITDA positivity and cash-flow positive status in FY26, with ₹1,500 crore revenue
• After acquiring 20 brands initially, the company now focuses on four flagship brands generating the bulk of revenue

BRND.ME, the ecommerce roll-up company formerly known as Mensa Brands, has converted from a private limited company to a public limited entity. The name change from Mensa Brand Technologies Private Limited to Mensa Brand Technologies Limited is the required first step before any company can list on Indian stock exchanges.

The company is targeting a public markets debut within 12 to 18 months, though it has not disclosed the expected size of its public float. This conversion comes four months after the National Company Law Tribunal approved BRND.ME's reverse migration from Singapore to India.

“Over the past year, we have taken deliberate steps to simplify our corporate structure, strengthen governance and build a stronger foundation for the next phase of growth. Our transition to an Indian holding structure, followed by this conversion, gives us the structure to scale with greater focus, transparency and discipline.”

— Ananth Narayanan, Founder and CEO of BRND.ME

Why did BRND.ME move back to India?

The company's journey to this point required what's called a "reverse flip." Many Indian startups incorporated in Singapore or Delaware to access foreign venture capital more easily. But listing on Indian exchanges requires an Indian holding structure, so companies planning domestic IPOs must migrate back.

NCLT's Chandigarh bench approved the merger of Mensa Singapore with Mensa India, completing the reverse flip. BRND.ME joins a growing list of Indian unicorns undertaking this corporate restructuring to prepare for domestic listings.

What do the financials look like?

BRND.ME claims it achieved adjusted EBITDA positivity and turned cash-flow positive in FY26, reporting revenue of approximately ₹1,500 crore for the fiscal year. The company raised ₹300 crore through non-convertible debentures in early 2026 to strengthen its balance sheet ahead of the public debut.

The picture is more complicated at the net profit line. While the company did not disclose FY26 losses, its FY25 records show losses widened 39% year-over-year to $60.4 million (about ₹501 crore) from $43.5 million (about ₹361 crore) in FY24. The gap between "adjusted EBITDA positive" and actual profitability will be a key focus for IPO investors.

From 20 brands to four flagships

Founded by Ananth Narayanan in 2021, BRND.ME operates as a roll-up ecommerce company, acquiring direct-to-consumer businesses across health, wellness, and lifestyle sectors. The company initially bought 20 brands with plans to scale all of them. That strategy has changed.

BRND.ME now focuses on four flagship brands. Majestic Pure, an aromatherapy and essential oil brand, generated ₹400 crore in FY26. Botanic Hearth, a hair care brand, recorded ₹300 crore in sales. MyFitness (healthy snacking) and PartyPropz (party decor) each generated ₹200 crore.

The company sold what it called "non-core" acquisitions, including India Lifestyle Network. It still owns brands like Dennis Lingo, Ishin, Bonkids, Trust Basket, Villain, and Folkuture, but these are no longer the focus. This consolidation represents a significant strategic shift from the original thesis of scaling many brands simultaneously.

International expansion continues

BRND.ME is pushing into international markets. Its men's fragrance brand Villain recently entered the US market. The company started selling products in Europe 18 months ago under a pilot phase, led by Botanic Hearth and Majestic Pure.

This international focus makes sense given that two of the four flagship brands (Majestic Pure and Botanic Hearth) were already targeting global markets. Whether the unit economics of shipping beauty and wellness products internationally can support the growth narrative will matter for the IPO.

The unicorn that arrived early

BRND.ME holds a notable record: it became the fastest Indian startup to achieve unicorn status, crossing the $1 billion valuation mark within six months of incorporation. The company has raised close to $295 million from investors including Accel, Alpha Wave Global, Norwest Venture Partners, Tiger Global Management, and Prosus Ventures.

That speed, fueled by the 2021 funding boom and enthusiasm for the roll-up model, also created pressure. The company's subsequent pivot from acquiring brands aggressively to rationalizing its portfolio and focusing on profitability mirrors a broader correction in how investors value new-age consumer companies.

Frequently Asked Questions

When is the BRND.ME IPO expected?

BRND.ME is targeting a public markets debut within 12 to 18 months, which would place it in late 2027 or early 2028. The company has not disclosed the expected size of the public float.

Is BRND.ME profitable?

The company claims adjusted EBITDA positivity and cash-flow positive status in FY26. However, FY25 records show net losses of ₹501 crore, a 39% increase from the previous year. The difference between adjusted metrics and actual net profit will be important for IPO investors.

What is a reverse flip for startups?

A reverse flip is when a company migrates its holding structure from a foreign jurisdiction (like Singapore or Delaware) back to India. This is required for companies planning to list on Indian stock exchanges.

What brands does BRND.ME own?

BRND.ME's four flagship brands are Majestic Pure (aromatherapy), Botanic Hearth (hair care), MyFitness (healthy snacking), and PartyPropz (party decor). It also owns Dennis Lingo, Ishin, Bonkids, Trust Basket, Villain, and Folkuture.

How much has BRND.ME raised from investors?

BRND.ME has raised approximately $295 million from investors including Accel, Alpha Wave Global, Norwest Venture Partners, Tiger Global Management, and Prosus Ventures.

Source: Inc42 Media / Palak Sharma