ITC acquires 10% stake in Blupin Technologies

ITC on Saturday said it has acquired a 10.07 percent stake in Blupin Technologies Pvt Ltd, the company behind direct-to-consumer (D2C) brand, Mylo.

The FMCG major in April had announced the acquisition of a 10.07 percent 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 percent 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.

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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.

(With PTI inputs)