Mensa to exit Renee, raise $100 million

Mensa Brands has sold its stake in wearables maker Pebble and is looking to exit Renee Cosmetics, as the brand aggregator looks to cash out of some of its recent investments.

- Sneha Shah & Ranjani Raghavan

The company also plans to raise $100 million at a valuation of $850 million and shift base to India ahead of a planned public listing, three people aware of the development said.

"Apart from selling a stake in Renee, where it holds around 15% stake, Mensa is also likely to divest its stake in brands such Villain," he added.

A Mensa Brands spokesperson confirmed the Renee stake sale, calling it a "financial investment". In 2022, Mensa Brands had invested in Renee, which offers so-called cruelty-free makeup products for women.

The stake sale may value Renee at 2,000-2,500 crore, a second person with knowledge of the deal said, implying a 200 crore value for Mensa's stakeholding. Mensa Brands, which led Renee's Series A fundraising, holds about 11% stake in Renee.

The Mensa Brands spokesperson denied other brands were up for sale, including Villain, a men's cosmetics brand that it backed in 2021. Queries emailed to a Renee Cosmetics spokesperson remained unanswered.