ITC acquires 16 percent stake in D2C brand Mother Sparsh
ITC has acquired a 16 percent stake in D2C ayurvedic and natural personal care brand Mother Sparsh for Rs 20 crore ($2.7 million) through a share subscription agreement.
The acquisition is expected to be completed in two tranches within eight months from the date of execution of the agreements and is subject to completion of conditions and a shareholders' agreement.
Commenting on the acquisition, ITC chief executive officer, personal care division, Sameer Satpathy in a statement said: “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.”
Mother Sparsh, CEO of Himanshu Gandhi added: “ITC has been a frontrunner in developing a portfolio of vibrant FMCG brands and has been making giant strides in this space through a focus on innovation and digitalization. We believe that this partnership will provide a unique synergy of strengths to build our brand further.”
Mother Sparsh is a premium ayurvedic and natural personal care start-up. It had reported a revenue of Rs 15 crore in FY 2020-21.
Copyright © 2022 FashionNetwork.com All rights reserved.