ITC Ltd on Thursday said it proposes to acquire 10 per cent stake in Blupin Technologies Private Limited, the company behind direct-to-consumer brand Mylo. The deal is valued at Rs 39.34 crore.
Founded in 2017, Mylo, is a full stack community eco-system focused on the parenting journey of young families. Mylo addresses the needs of its consumers through 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.
With this investment, lTC will further expand its presence in the D2C mother and baby care segment, ITC said in a statement.
In November 2021, ITC had announced its investment in Mother Sparsh Baby Care Private Limited, an ayurvedic and natural personal care brand in the D2C space with a focus on the mother and baby care segment.
Commenting on the deal, Sameer Satpathy, Chief Executive, Personal Care Products Business, lTC, said, "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. The investment will provide lTC the opportunity to foray into this emerging space and become an integral part of the evolution of this area."
"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," Satpathy said.
( With inputs from ANI )
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