ITC Looks To Grow Deeper In Mom & Babycare Space; Closes $5 Mn Deal In Mylo
- ByStartupStory | May 30, 2022
Mylo, a D2C ( direct to consumer) mother and baby platform which is owned by Blupin Technologies Private limited, is said to be acquired by ITC Ltd. ITC is expected to invest ₹39.34 crore in the firm to claim 10.07% of the stake in Blupin. The company in 20-21clocked a turnover of ₹1.39 crore.
Mylo, founded in 2017 by Vinit Garg is focussed on parent and child- related content, healthcare and community sharing features.
The investment by ITC is said to strengthen and enhance its presence in the D2C mother and baby care segment. It will also advantage it in the growing content-to-community-to-commerce space.
It’s product ranges from Mylo care that includes personal care products,Mylo essentials,Mylo Veda.
The company focuses on a digital first culture consumer – centricity and future readiness. It has also outlined value accretive opportunities in areas as planks for growth.This field has seen a surge in investment with Aashirwad Atta, Savlon announcing their investment in Mother Sparsh, a D2C mother and babycare brand in November, 2021.
Sameer Satpathy, the chief executive said that “The investment will provide ITC the opportunity to foray into this emerging space and become an integral part of the evolution of this 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.”
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