Roll-up ecommerce unicorn BRND.ME (formerly Mensa Brands ) has sold MensXP’s parent entity India Lifestyle Network (ILN) to RPSG Group, according to people in the know.
The company has sold ILN for around $9 -11 million in an all cash deal, according to sources. In 2022, BRND.ME had partnered with India Lifestyle Network and acquired online lifestyle publications MensXP, iDiva, and influencer marketing management firm Hypp from Times Internet.
Strategic decision
The company confimed the development. “Yes, we have sold ILN Network to RPSG Group. We have taken some strategic calls to simplify our portfolio which led to divestment of some of our financial and non-strategic assets including ILN. We cannot disclose financial details regarding the same,” it said in a statement.
The acquisition was completed in May this year, and the entirety of ILN has been absorbed by RPSG Group, sources added.
BRND.ME in its statement also noted that the company was profitable with positive cash flows.
“We are not looking at selling any of our businesses to raise funds. We now have two clearly defined verticals: health and wellness, which contributes 60 per cent of our revenue, and lifestyle, which makes up the remaining 40 per cent,” it added.
Founded in 2021 by former Myntra CEO Anath Narayanan, BRND.ME mainly acquires digital-first start-ups and then scales them across sectors. The unicorn has raised over $300 million in total funding to date and counts Accel Partners, Prosus, Tiger Global, Norwest Venture Partners, Alpha Wave, Alteria Capital and InnoVen Capital among its backers.