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ITC Raises Its Stake From 16% To 22% In Mother Sparsh
Indian Conglomerate ITC raises its stake in D2C brand Mother Sparsh for the deal of Rs 13.5 crore. The company intends to enter into the baby skin care and mother-oriented segment
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ITC raises its stake to 22 from 16 per cent with a further investment of Rs 13.50 crore in Mother Sparsh which is a Direct to Consumer (D2C) brand. The step comes after when the brand is in advanced discussions with other investors to raise Rs 90-100 crore in Series B funding.
"The Company has entered into an agreement to acquire a further 1,000 Compulsorily Convertible Preference Shares of Rs 10 each of Mother Sparsh. The said shares, once acquired, will take the Company's shareholding in Mother Sparsh to 22 per cent," the regulatory filing said.
"Our recurrent funding aims to strengthen this mission through R&D in the space and offering one-of-its-kind solutions for the needs of mothers and their little ones,” said, Himansh, Co-Founder and CEO at Mother Sparsh.
According to the media reports after Series B funding, it intends to enhance its portfolio, especially in the baby skincare and mother-oriented segment. It has also recently entered into the diaper segment.