Diversified entity ITC said it has acquired a 10.07 per cent stake in Blupin Technologies Pvt Ltd, the company behind the direct-to-consumer (D2C) brand, Mylo. The FMCG major in April had announced the acquisition of a 10.07 per cent stake in Blupin Technologies Pvt Ltd, for up to Rs 39.34 crore.
“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 the company an early mover advantage in the evolving content-to-community-to-commerce space and will provide an expanded presence in the D2C space, ITC said.
Blupin Technologies is a web and app-based content-to-community-to-commerce platform and offers mother and baby care products and services under the brand name ”Mylo”.
It is focused on the parenting journey of young families, it had added.