ITC acquires 10% stake in Blupin Technologies for Rs 39.34 crore

Diversified entity ITC on Saturday said it has acquired a 10.07 per cent 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 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.