ITC to buy 10% stake in Blupin Technologies
By MYBRANDBOOK
Diversified entity ITC is said to acquire 10.07 percent stake in Blupin Technologies Pvt Ltd for up to Rs 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.
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.
Commenting on the acquisition, Sameer Satpathy, ITC Chief Executive, Personal Care Products Business, said, "The investment will provide ITC the opportunity to foray into this emerging space and become an integral part of the evolution of this area. He further added that the investment in Mylo will also enable ITC to strengthen focus in the mother and baby community building platform, besides expanding its presence in the D2C mother and child care segment.
“With this investment, ITC will further expand its presence in the D2C mother and baby care segment,” ITC said. Last year, the company had announced its investment in Mother Sparsh Baby Care Pvt Ltd, an ayurvedic and natural personal care brand in the D2C space with a focus on the mother and baby care segment. ITC Chairman and Managing Director Sanjiv Puri has been impelling on identifying new vectors of growth.
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