ITC has announced that it will acquire a 10% stake in Blupin Technologies Private Limited, owner of the D2C community trademark Mylo. The conglomerate will invest around Rs 39.34 crore for the proposed stakes. Founded in 2017, Mylo serves the needs of its consumers with a wide and relevant range of content, health tools, conversations and community sharing features.
This investment will expand ITC’s presence in the D2C segment of mother and baby care. Previously, the company announced its investment in Mother Sparsh Baby Care Private Limited, in November 2021. As explained by Chairman Sanjiv Puri, the “ITC Cnext” strategy which emphasizes agility, customer centricity and preparing for the future amid a digital-first culture, has identified accretive opportunities like these as a driver for growth.
“The investment will give ITC the opportunity to foray into this emerging space and become an integral part of the evolution of this field. Our investment in Mylo will also enable us to strengthen our focus on the mother-child community building platform, in addition to expanding our presence in the D2C segment of mother-child care,” said Sameer Satpathy, Managing Director , Personal Care Products Business, ITC Limited.
The Mylo product line includes Mylo Care – natural and chemical-free personal care products, Mylo Essentials – everyday family use products and Mylo Veda – Ayurvedic line of personal care products. Mylo Care and Mylo Veda offer internationally certified natural products that are ‘safe’ and ‘toxic free’.