In a media release, Mother Sparsh said it plans to enhance its portfolio significantly in baby skincare and mother-oriented segment. The funding announcement comes close on the heels of the brand’s foray into the diaper segment, which constitutes a major chunk of the baby care market.
In a late-night regulatory filing on Tuesday, ITC said after the deal, its shareholding in Mother Sparsh will go up from the 16 per cent to 22 per cent.
“The Company has entered into an agreement to acquire 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%,” the filing said.
The acquisition is in line with the company’s continued interest in the fast-growing D2C space in the personal care category, ITC added.
In November last year, Mother Sparsh raised Series A funding from ITC. Mother Sparsh, incorporated in February 2016, registered a turnover of Rs 33.53 crore in FY22.
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The firm said the objective behind the Series B funding round is to enhance R&D and foster innovation in the critical baby and mom care segment alongside sustained product portfolio diversification.
“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 Mother Sparsh cofounder and CEO Himanshu Gandhi.
Mother Sparsh does most of its sales through online channels, including own website.
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