Mother Sparsh, ,announced that the company is raising Rs 20 crore in Series A funding from ITC, one of India’s largest private sector companies . ITC proposes to subscribe to 16% of the share capitalof Mother Sparsh. The company plans to deploy the funds towards enhancement of its R&D capabilities, digital capabilities, driving new product launches and expanding the team.
Himanshu, Co-Founder, CEO Mother Sparsh said on this “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 Rishu added, “ITC’s decision to invest in the company was propelled by the wide portfolio and mix of products, which enabled Mother Sparsh to grow from strength to strength each year. It assumes significance in wake of a multi-fold increase in the website sales clocked by the brand over the past few months. The company at present registers over 85% of its sales through online channels and has over the past 12 months diversified its product portfolio by over 25%.”
Sameer Satpathy, Chief Executive, Personal Care Products Businessat ITC spoke about the investment, “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.”
Since inception, Mother Sparsh has crafted a wide range of baby and mother care products that leverage the wisdom and knowledge of Ayurveda and nature-based ingredients for potent product delivery. The company recently forayed into the kids segment with its Brahmi-powered, complete hair care range.
ITI Capital Ltd acted as an exclusive financial advisor to Mother Sparsh for the fund-raising process.