FMCG conglomerate ITC Ltd. on Friday informed the exchanges that it has acquired 1,000 compulsorily convertible preference shares in baby and mother care brand Mother Sparsh, thereby raising its stake in the firm to 22 percent.
The move is in continuation to ITC’s October 18 announcement where it said that it would be increasing its stake in Mother Sparsh by putting in an additional investment of roughly Rs 13.50 crore.
Meanwhile, Mother Sparsh has already declared that it is in advanced discussions of securing a Series B funding between Rs 90 crore and Rs 100 crore, with ITC infusing Rs 13.5 crore.
ITC, in November 2021, acquired a 16 percent stake in the D2C brand Mother Sparsh. Mother Sparsh does a majority of its sales through online channels, including its own website, and offers a range of targeted personal care solutions for moms, infants, and kids.
It intends to enhance its portfolio significantly, especially across baby skin care and mother-oriented segments.
