In November 2021, ITC announced its investment in Mother Sparsh, an ayurvedic and natural personal care brand in the D2C space.
May 24, 2022
ITC Ltd. has proposed to acquire up to 10.07 percent stake in Blupin Technologies, the parent company of ‘Mylo’, for about INR 39.34 crore. The investment is part of a USD 17 million (nearly INR 130 crore) investment raised by Blupin Technologies in a Series B funding round, led by W Health Ventures, a US-based digital health investor and Endiya Partners, along with ITC. Other investors who took part in the round were – Riverwalk Holdings, Alteria Capital, and Innoven Capital.
With this investment, ITC will further expand its presence in the D2C (direct-to-consumer) mother and baby care segment. In November 2021, the company had announced its investment in Mother Sparsh Baby Care, an ayurvedic and natural personal care brand in the D2C space with a focus on the mother and baby care segment.
The investment will provide the company with “an early mover advantage” in the evolving Content-to-Community-to-Commerce space, which is expected to emerge as a platform of the future. Started in 2017, Mylo brings a wide and relevant range of content, health tools, conversations and community sharing features. Beyond personalised content and an active community, Mylo also offers its users direct-to-consumer (D2C) personal care brands.
In the words of Mr. Sameer Satpathy, Chief Executive – Personal Care Products Business, lTC Ltd., “Within a short period of time, Mylo has demonstrated great potential in the evolving Content-to-Community-to-Commerce model by nurturing an online platform where people learn, share, trust and belong.”
“Our investment in Mylo will also enable us to strengthen focus in the mother and baby community-building platform, besides expanding our presence in the D2C mother and child care segment,” Mr. Satpathy further added.
Also Read: ITC to Acquire 16 Percent Stake in Mother Sparsh
Commenting about the investment, Mr. Vinit Garg, Founder and CEO, Blupin Technologies Pvt. Ltd., said, “We are confident that this partnership will further provide unique synergies and competitive strengths to scale our business.”