ITC has stated that it’s going to purchase a ten per cent stake in Blupin Technologies Private Limited which owns D2C community-commerce model Mylo. The conglomerate will make investments round Rs 39.34 crore for the proposed stakes. Founded in 2017, Mylo addresses the wants of its customers via a large and related vary of content material, well being instruments, conversations and neighborhood sharing options.
This funding will broaden ITC’s presence within the D2C mom and child care phase. Before this, the corporate had introduced its funding in Mother Sparsh Baby Care Private Limited, in November 2021. As articulated by Chairman Sanjiv Puri, the ‘ITC Cnext’ technique which focuses on agility, consumer-centricity and future-readiness amidst a digital-first tradition, has recognized worth accretive alternatives like these as a vector of development.
“The investment will provide ITC 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,” stated Sameer Satpathy, Chief Executive, Personal Care Products Business, ITC Limited.
Mylo’s product vary contains Mylo Care – pure and chemical-free private care merchandise, Mylo Essentials – on a regular basis use merchandise for the household and Mylo Veda – ayurvedic vary of non-public care merchandise. Mylo Care and Mylo Veda supply internationally licensed, pure merchandise that are ‘Made safe’ & ‘Toxic free’.
Source: www.financialexpress.com”