Mensa acquires MyFitness🏋️, Tata Cliq to open stores💄, Navi gets nod for Rs 3350 Crs IPO📊

Mensa Brands acquires MyFitness, Tata Cliq to open offline stores, Navi Technologies gets SEBI nod for Rs 3,350 crore IPO, Funding Deals and more.

Rise & Shine ☀

Sep 13, 2022

Good Morning,

Start your day, the smart way!

1 Mail | 2 Minutes | 3 Stories

Mensa Brands acquires MyFitness, aims to turn it into a Rs 1,000 crore brand🏋️

Ecommerce roll-up unicorn Mensa Brands 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.

MyFitness currently has more than 30 SKUs (stock-keeping units) with an average selling price of Rs 500. 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 of Mensa Brands.

Tata Cliq to open offline stores to sell beauty products💄

Tata Cliq, an online retail platform of Tata Group, plans to open physical stores to sell beauty products across the country as many consumers have shifted back to offline shopping, people aware of the development said.

The company is in talks to lease space to sell beauty and cosmetics products at stores in malls and high streets in major cities, they said.

“The company thinks that the beauty segment is a scalable business and with a return to work, consumers are preferring store visits instead of shopping digitally,” said one of them. Rival online beauty product retailers Nykaa and NewU have already built an offline presence.

Tata Cliq is expected to be integrated with Tata Neu super app and made a subsidiary of Tata Digital as the group seeks to consolidate its major ecommerce ventures under this entity.

Sustainable D2C brand Beco has raised $3 million in Series A funding round led by Rukam Capital, with participation from investors including Priyavrata Mafatlal, Better Capital, Prashant Pittie and Titan Capital.
Robotics startup Peer Robotics has bagged $2.3 million in its seed funding round led by Kalaari Capital and saw participation from existing investors Axilor Ventures, Connecticut Innovations and Innopact VC.
Medyseva, a telemedicine healthcare startup, has raised Rs 15 crore in Pre-Series funding round under Startup India Seed Fund Scheme from AIC RNTU Bhopal.

Funding Deals

Sachin Bansal-led Navi Technologies gets SEBI nod for Rs 3,350 crore IPO📊

Sachin Bansal's startup Navi Technologies has received the market regulator's nod for an Initial Public Offering (IPO), giving the Flipkart co-founder a shot in the arm, as he seeks to build a financial services conglomerate.

According to details on the website of the Securities and Exchange Board of India (SEBI), an observation letter was issued to Navi Technologies in response to its filings on September 5.

Navi Technologies had filed draft papers in March this year with SEBI to raise up to Rs 3,350 crore through a fresh issue of shares. The IPO will have an offer for sale (OFS) by Bansal who holds a 97.39 percent stake in fintech.

The approval comes as a boost for Navi Technologies after the Reserve Bank of India (RBI) rejected its application for a banking license through its wholly-owned subsidiary Chaitanya India Fin Credit, along with five other applications.