ITC Acquires 16% Stake In Mother Sparsh
NDTV
FMCG major ITC will invest in Mother Sparsh with a focus on the mother and baby care segment, on a 'fully diluted basis', according to the company's regulatory filing today
Fast-moving consumer goods (FMCG) major ITC announced on Friday that it will acquire 16 per cent stake in direct to consumer (D2C) brand Mother Sparsh for Rs 20 crore. In a regulatory filing to the stock exchanges today, ITC said that it will invest in the brand with a focus on the 'mother and baby care' segment, on a fully diluted basis.
ITC has been focussing on the non-cigarette FMCG business over the past few years. "We believe that this investment provides an exciting opportunity which is in alignment with our aspiration to have a significant play both in the naturals and ayurvedic segment as well as in the D2C channel,'' said Sameer Satpathy, Chief Executive, Personal Care Products Business, ITC.
Mother Sparsh plans to deploy the funds -- raised in its Series A funding round-- towards enhancement of its research and development initiatives, digital capabilities, and driving new product launches.
"ITC has been a frontrunner in developing a portfolio of vibrant FMCG brands and has been making giant strides in this space through focus on innovation and digitalization. We believe that this partnership will provide a unique synergy of strengths to build our brand further,'' said Himanshu Gandhi, CEO, Mother Sparsh.
