The multinational company ITC Ltd has invested another Rs 13.5 crore in D2C baby care brand Mother Sparsh, which is in advanced discussions with other investors to raise a Rs 90-100 crore Series B round.

On Wednesday, the direct-to-consumer (D2C) brand said it is in advanced discussions with investors to secure a Rs 90-100 crore Series B round, for which ITC will inject Rs 13.5 crore.

The ITC said in a regulatory filing late on Tuesday that its stake in Mother Sparsh would increase to 22% from the current 16% following the deal.

“The company has reached an agreement to acquire an additional 1,000 mandatory convertible preferred shares in Mother Sparsh at Rs 10 per share. If the shares are acquired, the company’s stake in Mother Sparsh will reach 22%,” the filing said.

ITC added that the acquisition is in line with the company’s continued interest in the fast-growing D2C segment of the personal care category. Last November, Mother Sparsh raised Series A funding from ITC.

Mother Sparsh was established in February 2016 and had a turnover of Rs 33.53 crore in FY22. Following the Series B funding, the D2C brand intends to strengthen its product portfolio, especially in baby skincare and mother positioning. It has recently ventured into the diaper space.

“Mother Sparsh’s goal behind the Series B financing is to enhance research and development and foster innovation in key infant and maternal care areas while continuing to diversify its product portfolio,” it said.