ITC said that it will acquire 10% stake in Blupin Technologies, 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, lTC 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, an ayurvedic and natural personal care brand in the D2C space with a focus on the mother and baby care segment.
Also Read
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 focusses 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 ofthis 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."
Mylo has a content and community first approach that aCts as a key differentiator for the brand. The model focuses on a creating a wide range of useful content and digital health tools across different life stages of the expectant and young mothers, driving community-conversions for its Mylo range of products and service.
With a learn-share-buy philosophy, the brand has been able to drive high engagement amongst its users, leading to a strong conversion to purchase and high consumer retention.
Till date, the platform has over 22 lakh questions and 1.6 crore answers along with over 3.7 crore content pieces that drive engagement.
ITC has a diversified presence in FMCG, hotels, packaging, paperboards & specialty papers and agri-business.
The company's standalone net profit rose 12.70% to Rs 4,156.20 crore on 32.06% increase in net revenue to Rs 15,689.29 crore in Q3 December 2021 over Q3 December 2020.
The scrip added 0.35% to end at Rs 260.40 on the BSE.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content
