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Centrum Broking Report
As per exchange filing ITC Ltd. informed that the company intends to buy a 10.07% stake in Blupin Technologies Pvt. Ltd. ('Mylo), a 'direct-to-customer Web and app-based content-to-community-to-commerce platform not exceeding Rs 393.4 million.
Founded in 2017, Mylo, is a full stack community eco-system focused on the parenting journey of young families raised seed capital from Fosun RZ Capital in November 2018.
Today, Blupin, in its Series-B funding raised ~$17 million from six investors including ITC with revenue size Rs 13.9 million in FY21.
Moreover, Mylo addresses the needs of its consumers (problem-solution) through a wide and relevant range of social content, health tools, conversations and community sharing features.
Beyond personalised content and an active community Mylo also offers D2C personal care products and services, a fast emerging platform of the future in-line with ‘ITC-Next’ strategy.
Though it’s a small acquisition, we believe it would strengthen its mother and baby care offerings.
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