Ayurvedic and personal care brand Mother Sparsh is raising Series A funding from conglomerate ITC. Mother Sparsh announced in a release that it is raising ₹20 crore as part of the deal.
The company focuses on mother and baby care segments.
Mother Sparsh plans to scale up the revenue to ₹300 crore over the next five years. As part of the deal, ITC has proposed to subscribe to 16 per cent of the share capital.
“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,” said the company's co-founder and CEO Himanshu.
Mother Sparsh plans to deploy the funds towards enhancement of its R&D capabilities, digital capabilities, driving new product launches and expanding the team.
Talking about the proposed deal, Sameer Satpathy, Chief Executive, Personal Care Products Business at ITC 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 has, within a short span of time, evolved into an effective D2C brand with a range of innovative products and a lot of promise.”
ITC has a diverse presence across industries such as cigarettes, FMCG, hotels, specialty papers and agribusiness. It exports its products in 90 countries.
{{/usCountry}}ITC has a diverse presence across industries such as cigarettes, FMCG, hotels, specialty papers and agribusiness. It exports its products in 90 countries.
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