PremiumThe investment will provide the company an early mover advantage in the evolving content-to-community-to-commerce space and will provide an expanded presence in the D2C space, ITC said in a regulatory filing
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ITC on Thursday said it will acquire 10.07 per cent stake in Blupin Technologies Pvt Ltd, the company behind direct-to-consumer(D2C) brand, Mylo for up to ₹39.34 crore.
The investment will provide the company an early mover advantage in the evolving content-to-community-to-commerce space and will provide an expanded presence in the D2C space, ITC said in a regulatory filing.
Blupin Technologies is a web and app-based content-to-community-to-commerce platform and offers mother and baby care products and services under the brand name 'Mylo'.
It is focused on the parenting journey of young families, it added. The cost of acquisition will not exceed ₹39.34 crore, the filing said.
"With this investment, ITC will further expand its presence in the D2C mother and baby care segment," the company said.
Commenting on the development, 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 ofthis 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."
Speaking on the investment from lTC, Vinit Garg, Founder and CEO, Blupin Technologies Private Limited, said, "We are delighted that lTC has put its faith in the Mylo brand and community, which has grown at a remarkable pace since inception. lTC has been an exemplar in leveraging the power of innovation and digitalisation to create winning brands. We are confident that this partnership will further provide unique synergies and competitive strengths to scale our business."