New Delhi, Dec 16 (IANS): Direct-to-consumer (D2C) company Mensa Brands registered Rs 329 crore in losses in FY23, a 2.4 times increase from FY22 due to rising expenses.

Mensa operating cash flow also went up 55 per cent to Rs 249.4 crore in FY23, according to a report in Entrackr, citing the company's group entity's financial statements in Singapore.

Mensa Brands' operating revenue increased to Rs 1,317 crore during the fiscal year ending March 2023, as compared to Rs 339.2 crore in FY22.

"The sale of products from its portfolio firms formed 98.5% of its revenue which stood at Rs 1,297 crore while Rs 17.7 crore came from sale of services," the report mentioned. Mensa recorded an EBITDA of Rs -19.35 crore during FY23. Mensa Brands, founded by Ananth Narayanan who is former CEO of Myntra and Medlife, is backed by global investors like Accel Partners, Falcon Edge Capital, Norwest Venture Partners, Prosus and Tiger Global Management.

It registered a net revenue run rate of Rs 1,500 crore in the first 12 months of operations.

In September, Mensa Brands acquired health-food startup MyFitness for an undisclosed sum, with an aim to make it a Rs 1,000 crore brand in the next three-four years.