Indian Conglomerate ITC had announced on Saturday that it had purchased a 10.07 percent share in Blupin Technologies Pvt Ltd. The FMCG giant informed about the purchase in April for up to Rs 39.34 crore from the firm behind the direct-to-consumer (D2C) mother and baby platform brand Mylo.
ITC makes $5 mn deal in Mylo
The FMCG giant, based in Kolkata, has said in a regulatory filing that it has invested INR 39.34 Cr ($5.077 Mn) in Mylo, acquiring 400 equity shares and 2,980 compulsorily converted cumulative taking part in preference shares.
In April 2022, they made the investment as part of Mylo’s $17 million Series B round. Besides ITC Ltd, Mylo has raised financing from W Health Ventures and Endiya Partners.
ITC gets an edge with the deal
According to ITC, the investment will give the firm an early mover edge in the expanding content-to-community-to-commerce area and increase its D2C presence.
Mylo is a community-style platform for new and expecting mothers that helps them track their baby’s development, read content on babiesâ€™ care, and connect with other mothers. Vinit Garg found the brand in 2018.
Mylo-Mother and babycare brand
Blupin Technologies, which distributes mother and baby care items and services under the brand name “Mylo,” is an online and app-based content-to-community-to-commerce platform.
The company focuses on young families’ parenting experiences. From baby names to food, from prenatal yoga to comprehending the pregnancy (conception to postpartum) experience, from discussing about PCOS or postpartum depression to knowing a baby’s development phases, Mylo’s network of mothers provides all help for babycare.
Mylo caters to mothers by selling maternity apparel, pregnant pillows, diapers, feeding utensils, and other infant needs.