Mensa Brands undertakes layoffs at brand acquired by the group: Reports

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Mensa Brands, the roll-up e-commerce company founded by former Myntra CEO Ananth Narayana, has fired around 200 employees across all divisions. India Lifestyle Network has been the most affected one, as per three people aware of the development. However, the company has stated that the numbers are less than 30.

Mensa Brands has total of 750-800 employees. The startup, which has been described as the fastest unicorn in India, has been downsizing since several investors and market players are sign of caution due to slowdown in the roll-up e-commerce market.

ILN was earlier part of Times Internet, which was later acquired by Mensa in December 2022. Post the acquisition, brands such as MensXP, iDiva, and Hypp became a part of Mensa’s growing portfolio.

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As per the reports, during the time of acquisition Narayana had assured the employees of ILN that they will not fired.

“Employees were asked to go because their personal performance was suddenly unsatisfactory for Mensa, which admitted that ILN’s growth has been lackluster,” says the people cited above, who wishes to remain anonymous.

Mensa group has been backed by Tiger Global, which has acquired around 17 companies, some of the most notable being Dennis, Lingo, MyFitness, and Villain, in between October 2021 and December 2022.