ITC proposes to acquire 10% stake in Blupin Technologies Private Limited, the company behind brand Mylo.
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, ITC 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 ITC an early mover advantage in the evolving Content-to-Community-to Commerce space, which is expected to emerge as a platform of the future. The ‘ITC 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, the statement said.
Commenting on the development, Sameer Satpathy, Chief Executive, Personal Care Products Business, ITC 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 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.”
Speaking on the investment from ITC, Vinit Garg, Founder and CEO, Blupin Technologies Private Limited, said, “We are delighted that ITC has put its faith in the Mylo brand and community, which has grown at a remarkable pace since inception. ITC 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.”
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