ITC to acquire 10.07% stake in D2C Community-Commerce Brand Mylo; stock marginally up

21 Apr 2022 , 03:16 PM

lTC Limited has proposed to acquire a 10% stake in Blupin Technologies Private Limited, the company behind the brand Mylo.

Founded in 2017, Mylo, is a full-stack community eco-system focused on the parenting journey of young families. Mylo caters to the needs of its consumers through a wide and relevant range of content, conversations, health tools, and community sharing features. Apart from personalized content and an active community, Mylo also provides its users with direct-to-consumer (D2C) personal care brands.

With this investment, lTC will further expand its presence in the D2C mother and baby care segment. The company announced its investment in Mother Sparsh Baby Care Private Limited in November 2021, 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-to Commerce space, which is expected to emerge as a platform of the future. The 'lTC Next' strategy articulated by Chairman Sanjiv Puri, which focuses 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, 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 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."

ITC Ltd is currently trading at Rs261.40 up by Rs1.9 or 0.73% from its previous closing of Rs259.50 on the BSE. It touched day's high and low of Rs264.40 and Rs259.70 respectively so far.