Mother Sparsh, D2C Ayurvedic and natural personal care brand, has announced that it is raising Series A funding from conglomerate ITC. Mother Sparsh, which focuses on mother and baby care segments, 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 scale-up revenues to Rs 300 crore over the five years.
"We are elated to be associated with a partner like ITC whose ethos compliments our brand vision. ITC is in sync with what we envisioned as the future of Mother Sparsh. We expect to scale-up our revenues to Rs 300 crore over the next three to five years," Mother Sparsh co-founder and CEO Himanshu said.
ALSO READ: What is Cryptocurrency? All you need to know
Commenting on the development ITC Chief Executive, Personal Care Products Business Sameer Satpathy 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."
ITC has been focussing on the non-cigarette FMCG business over the past few years. In 2020, it acquired spice-manufacturer Sunrise Foods Private Ltd at an 'upfront' cash deal price of Rs 2,150 crore.
(With PTI inputs)