ITC to Acquire 10% Stake in Blupin Technologies, Marketing & Advertising News, ET BrandEquity

ITC said in a regulatory filing that its investment in Mylo will provide it with a leading edge in the evolving content-to-community-to-commerce space and provide an expanded presence in the D2C space.

Diversified entity ITC announced on Thursday that it will acquire a 10.07% stake in Blupin Technologies, the company behind the direct-to-consumer (D2C) brand, Mylo for up to $39.34. crores of rupees.

The investment in Mylo is part of a $17 million (nearly Rs 130 crore) round raised by Blupin Technologies in a Series B funding round led by W Health Ventures, a US investor in digital health and Endiya Partners, in addition to ITC.

Other investors who participated in the round include Riverwalk Holdings, Alteria Capital and Innoven Capital.
ITC said in a regulatory filing that its investment in Mylo will provide it with a leading edge in the evolving content-to-community-to-commerce space and provide an expanded presence in the D2C space.

Blupin Technologies is a content, community and commerce-based web and application platform and offers maternal and baby care products and services under the “Mylo” brand.

It focuses on the parenting journey of young families, he added. The acquisition cost will not exceed Rs 39.34 crore, according to the filing.

“With this investment, ITC will further expand its presence in the D2C segment of maternal and baby care,” the company said.

Commenting on the acquisition, ITC’s General Manager, Personal Care Products Business, Sameer Satpathy, said that in a short time, Mylo has demonstrated great potential in the scalable model from content to community to commerce by developing a platform -online form where people learn, share, trust and belong.

“The investment will give ITC the opportunity to foray into this emerging space and become an integral part of the evolution of this field,” he added.

He added that the investment in Mylo will also allow ITC to focus more on the platform of building the community of mothers and babies, in addition to expanding its presence in the D2C segment of child care. mothers and children.

Commenting on the overall fundraiser, Blupin Technologies Founder and CEO Vinit Garg said in a separate statement, “The investment will help us build the Mylo brand, grow our community, grow our verticals and launch our solutions. digital health for mothers”.

“We are delighted to welcome investors who bring significant operational and medical expertise to our expansion areas, which will help us build India’s number one comprehensive one-stop solution for mothers.”

Garg said the partnership with ITC will additionally provide unique synergies and competitive advantages to scale Mylo’s business.

ITC President and CEO, Sanjiv Puri, focused on identifying new growth drivers.

In November 2021, the company had announced its investment in Mother Sparsh Baby Care Pvt Ltd, an Ayurvedic and natural personal care brand in the D2C space, focused on the mother and baby care segment.

Commenting on its investment in Mylo, W Health Ventures Executive Vice President Pankaj Jethwani said, “Mylo leverages technology to provide a community-led support platform that helps address critical issues facing women. face during their pregnancy and maternity journey.

“We believe the massive adoption of the internet and e-commerce by Indian women will be a catalyst for Mylo’s growth. W Health Ventures invests in healthcare companies that address critical unmet needs in healthcare and simplify the patient and provider experience,” he said.

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