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Biznextindia : Hospitality to FMCG conglomerate ITC on Thursday said that it’ll acquire 10% stake in Blupin Technologies Private Limited, the company behind brand Mylo for Rs.39.34 crore.
Founded in 2017, Mylo, is a full stack community eco-system focused on the parenting journey of young families. Mylo addresses the needs of its consumers through a wide and relevant range of content, health tools, conversations and community sharing features. Beyond personalised content and an active community, Mylo also offers its users direct-to-consumer (D2C) personal care brands. With this investment, lTC will further expand its presence in the D2C mother and baby care segment. In November 2021, the Company had announced its investment in Mother Sparsh Baby Care Private Limited, an ayurvedic and natural personal care brand in the D2C space with a focus on the mother and baby care segment.
This investment will provide lTC an early mover advantage in the evolving Content-to-Community-toCommerce space, which is expected to emerge as a platform of the future. The ‘lTC Next’ strategy articulated by Chairman Sanjiv Puri, which focusses on agility, consumer-centricity and future readiness amidst a digital-first culture has identified such value accretive opportunities as a vector of growth. Commenting on the development, Mr 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.”