ITC has been focusing on Non-Cigarette FMCG business since last few years.
D2C Ayurvedic and natural personal care brand Mother Sparsh has announced that it is raising Series A funding from the ITC Group. Mother Sparsh, which focuses on the mother and baby care segment, said it is raising Rs 20 crore as part of the deal.
ITC has also proposed to subscribe to 16% of the share capital of Mother Sparsh, which plans to increase revenue to Rs 300 crore over five years.
“We are delighted to associate with a partner like ITC, whose ethos complements our brand vision. ITC is in line with our vision as the future of Mother Sparsh. We expect to grow our revenue to Rs.300 crore over the next three years. For five years,” Mother Sparsh co-founder and CEO Himanshu said.
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Commenting on the development, Sameer Satpathy, Chief Executive, Personal Care Products Business, ITC, said, “We believe this investment offers an exciting opportunity that is in line with our aspiration to play a significant role in both the natural and ayurvedic sectors. D2C Channel.”
ITC has been focusing on Non-Cigarette FMCG business since last few years. In 2020, it acquired spice-maker Sunrise Foods Pvt Ltd at an ‘upfront’ cash deal price of Rs 2,150 crore.
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(with PTI inputs)
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