ITC has said that it will acquire a 10 per cent stake in Blupin Technologies Private Limited which owns D2C community-commerce brand Mylo. The conglomerate will invest around Rs 39.34 crore for the proposed stakes. Founded in 2017, Mylo addresses the needs of its consumers through a wide and relevant range of content, health tools, conversations and community sharing features.
This investment will expand ITC’s presence in the D2C mother and baby care segment. Before this, the company had announced its investment in Mother Sparsh Baby Care Private Limited, in November 2021. As articulated by Chairman Sanjiv Puri, the ‘ITC Cnext’ strategy which focuses on agility, consumer-centricity and future-readiness amidst a digital-first culture, has identified value accretive opportunities like these as a vector of growth.
“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,” said Sameer Satpathy, Chief Executive, Personal Care Products Business, ITC Limited.
Mylo’s product range includes Mylo Care – natural and chemical-free personal care products, Mylo Essentials – everyday use products for the family and Mylo Veda – ayurvedic range of personal care products. Mylo Care and Mylo Veda offer internationally certified, natural products which are ‘Made safe’ & ‘Toxic free’.