Diversified entity ITC has acquired a 10.07 percent stake in Blupin Technologies, the parent company of direct-to-consumer (D2C) brand Mylo, for Rs 39.34 crore.
The FMCG major had announced the acquisition in April.
“The Company has acquired today, i.e. on 28th May, 2022, 400 equity shares of 10/- each and 2,980 Compulsorily Convertible Cumulative Participating Preference Shares of 100/- each of Blupin Technologies Private Limited, representing 10.07% of its share capital on a fully diluted basis,” ITC said in a regulatory filing.
The investment will provide ITC an early mover advantage in the evolving content-to-community-to-commerce space and provide an expanded presence in the D2C space, it said.
Founded in 2018 by Vinit Garg, Blupin Technologies is a web and app-based health tool and community platform for new and expecting mothers.
It offers mother and baby care products and services under the brand name Mylo. Mothers can use Mylo to track their baby’s development, get expert vetted content for more than 500 topics, and ask questions to other women in a similar stage in life.
In April, Mylo had raised $17 million in its Series B round led by W Health Ventures, a Boston-based digital health investor, ITC, and Endiya Partners. The round also saw participation from Riverwalk Holdings, Alteria Capital, and Innoven Capital.
The startup has raised a total funding of $24 million so far.
Last year, Mylo launched its own D2C brand for mothers and babies in personal care, Ayurveda, and daily essentials based on community feedback and its own R&D facility. It has created over 100 products, sold 7 lakh units, and shipped to more than 16,000 pincodes.
