Startup Deep Dive : Mylo — ITC invested months before Mylo’s losses topped its revenue

In April 2022, ITC — the Kolkata-headquartered conglomerate behind cigarettes, biscuits and hotels — agreed to pay up to ₹39.34 crore for a 10.07% stake in Blupin Technologies Private Limited, the company that runs the pregnancy-and-parenting app and baby-care brand Mylo, implying a valuation of roughly ₹390 crore, as reported by Business Standard and The Federal. In the fiscal year that followed, FY23 (ended March 2023), Blupin posted a net loss of ₹38.2 crore against revenue of just ₹36.7 crore, as compiled by Inc42 Datalabs from the company’s filings — a loss bigger than everything Mylo sold that year.

That contradiction — a listed FMCG major buying in right as the losses outgrew the topline — sits at the centre of Mylo’s story. Three years on, revenue has climbed to ₹63.4 crore (FY25), but the loss has widened again too, and the founder’s own public target for the business has still not been met. This is what the numbers, and the people who signed the cheques, actually show.

Quick facts

What they do

Mylo is a Gurugram-based app and community platform for people trying to conceive, pregnant, or raising young children, run by Blupin Technologies Private Limited. The app itself — pregnancy trackers, ovulation calculators, baby-growth charts, vaccination reminders and a peer-to-peer question-and-answer community — is free to use, and functions as the acquisition layer for the company’s actual commercial business: selling its own branded mother-and-baby products through the same app. Its target user is overwhelmingly a first-time Indian parent, mostly a woman, navigating the period from conception through a child’s early years, a phase of intense information-seeking and, the company has bet, the highest willingness to try a new product brand. The commercial side runs three in-house labels:

• Mylo Care — personal care and wellness products the company describes as chemical-free, aimed at pregnant and postpartum women
• Mylo Veda — an Ayurveda-positioned range within the same personal-care category
• Mylo Essentials — everyday baby and family products, including diapers and hygiene items

By April 2022, the company had built out more than 100 unique SKUs across these three brands, sold over 700,000 units and shipped to more than 16,000 postal codes across India, as reported by Inc42 and Entrackr’s coverage of the company’s Series B round. The same round of funding was earmarked partly to add a fourth line of business: a digital health-services vertical offering paid consultations with gynaecologists and paediatricians, weight-loss and PCOS management packages, and hospital or IVF-clinic referrals, according to Inc42’s report on the raise.

The origin

Vinit Garg started Blupin Technologies on 1 February 2017, according to the company’s Ministry of Corporate Affairs registration record (CIN U74999HR2017PTC067273) reviewed via Tofler, and launched the Mylo app the following year. Before that, Garg had worked in product roles at Wynk Music and MakeMyTrip, according to his profile on BW Retail World, giving him a background in consumer internet products rather than in health, retail or FMCG specifically.

The founding insight, as Google Play’s own editorial feature on the company describes it, came from Garg’s experience as a new father: the parenting information available to him online was inconsistent, contradictory and largely written for parents outside India, leaving him without a reliable, India-specific source of guidance during his own child’s early years. That gap — not a retail idea, not a health-tech idea, but an information-and-trust gap — is what Mylo was built to close first, with the commerce layer added on top once the community existed to sell into.

The struggle years

The clearest unsoftened number in Mylo’s history is FY23. In the year ended March 2023, Blupin Technologies recorded a net loss of ₹38.2 crore on revenue of ₹36.7 crore, according to Inc42 Datalabs’ compilation of the company’s filings — a year in which the business lost more money than it took in from selling anything at all. That loss landed in the same fiscal year in which ITC had just completed its stake purchase, meaning one of India’s largest listed consumer companies had bought in at the top of a valuation just as the underlying business was posting its worst reported result.

The second setback is a gap between the founder’s own stated ambition and what the audited numbers eventually showed. Garg told BW Retail World that Mylo’s D2C business reached ₹100 crore in annualised recurring revenue within two years of launching its house brands, and separately said the company’s revenue grew thirteen times between FY21 and FY22 as the product lines scaled. Neither of those company-stated figures has been independently confirmed by any tracker of the company’s audited filings reviewed for this piece, and they sit uneasily next to what Blupin actually reported to the Registrar of Companies afterwards: revenue of ₹36.7 crore in FY23, ₹49.4 crore in FY24 and ₹63.4 crore in FY25. Three fiscal years after Garg’s own ₹100 crore target, the audited top line was still 37% short of it, per Inc42 Datalabs. Founder-stated annualised or forward-looking numbers and RoC-filed annual revenue are not always measuring the same thing, but the size of the gap here is large enough to be worth flagging rather than repeating uncritically.

The turning point

The single event that reshaped Mylo’s trajectory was the Series B round announced on 21 April 2022: a $17 million raise led by US-based W Health Ventures, with ITC, Endiya Partners, Riverwalk Holdings, Alteria Capital and Innoven Capital also participating, as reported by YourStory, Entrackr and Business Standard. Before this round, Blupin had raised roughly $7.25 million across a seed round and a Series A over the preceding four years, according to Inc42’s funding database. The Series B alone was more than double everything raised before it, and it came with something the earlier rounds had not: ITC’s separate, formal acquisition of a 10.07% stake for up to ₹39.34 crore, completed on 28 May 2022, giving Blupin its first strategic investor from outside the venture-capital and family-office world, as reported by Business Standard and The Federal.

The numbers on either side of that round tell the real story. Before it, Mylo was a roughly 4 million-user community platform, growing by about 300,000 users a month, with a nascent, unproven D2C product line, per Entrackr’s reporting at the time. After it, the company had the capital and the FMCG-major credibility to launch an entirely new health-services business line and push into toddler-specific products — the bet, explicit in the company’s own statements to Inc42, that a bigger product range would keep a family spending with Mylo for longer than the pregnancy-to-infancy window the brand had originally been built around.

The money behind it

Blupin Technologies has raised money in four disclosed institutional rounds, plus at least one smaller top-up:

• Seed — about $750,000, led by Fosun RZ Capital, around October 2018 (Inc42 funding database), giving the company its earliest capital to build the free app and community before any commerce revenue existed
• Series A — about $4.5 million from Xiaomi, closed around March 2020 (Inc42 funding database), the Chinese consumer-electronics group’s first exposure to the Indian parenting-content space
• Series B — $17 million, announced 21 April 2022, led by W Health Ventures with ITC, Endiya Partners, Riverwalk Holdings, Alteria Capital and Innoven Capital (YourStory, Entrackr, Business Standard, April 2022), used to fund the D2C product build-out and launch the health-services vertical
• Series B-II — a further $2.04 million around July 2024, with Endiya Partners returning, extending the same Series B rather than pricing a fresh round (Inc42, Tracxn)

Total funding raised is itself a contested number: Inc42 puts it at $24.25 million across four rounds, while Tracxn’s count runs to $28.4 million across nine rounds involving 38 investors, a gap that most likely reflects smaller or undisclosed tranches that one tracker counts separately and the other folds into existing rounds. ITC’s ₹39.34 crore purchase of a 10.07% stake, completed 28 May 2022, is the last transaction from which a company-wide valuation can be calculated with any confidence: roughly ₹390 crore at the time, as reported by Business Standard. No newer valuation figure for Blupin Technologies has been publicly disclosed since.

How it makes money

Mylo’s revenue comes from one place: selling its own branded personal-care and baby-care products through its app, not from advertising, subscriptions or the free content and community tools that bring users in. The company’s stated advantage over a conventional D2C brand is that it does not need to pay third parties for product sampling and feedback — it already has a large, engaged community of new and expecting parents that it can test formulations on directly, according to founder Vinit Garg’s comments to Inc42 at the time of the Series B round. In principle, that ought to mean lower customer-acquisition and product-development costs than a beauty or baby-care brand starting from zero on paid advertising alone.

The part that is easy to get wrong is assuming the free app and its 10 million-plus downloads, as stated on Mylo’s own app-store listings, are themselves the business. They are not: the app is a funnel. The money is made downstream, when a community member buys a diaper pack, a stretch-mark cream or a consultation package, and the costs that matter are the ordinary costs of any physical-goods D2C brand — manufacturing, inventory, logistics and the marketing spend needed to keep converting community members into repeat buyers. Neither Blupin Technologies nor its investors have published a gross margin, take rate or customer-acquisition cost for the business, which is itself notable: the widening losses in FY23 and again in FY25, discussed below, suggest that whatever margin exists on the products is not yet covering the cost of running the community-to-commerce funnel underneath them.

The numbers

Revenue has grown every year on record, but profitability has moved the other way more often than not, per Inc42 Datalabs’ compilation of the company’s filings with the Registrar of Companies:

The shape of that table is the whole story in miniature. Between FY23 and FY24, revenue grew 34.6% and the loss was cut by more than 60%, from ₹38.2 crore to ₹15.1 crore — the closest Blupin has come to a credible path toward break-even, and it happened in the fiscal year right after the Series B and ITC’s investment landed. In FY25, revenue kept growing, up 28.2% year-on-year to ₹63.4 crore, but the loss widened again, up roughly 26% to ₹19.0 crore, as the company pushed further into the toddler and health-services categories it had promised investors in 2022. Three years of filings show a company that can grow its top line reliably; they do not yet show one that can grow it without the losses growing too.

Where the money comes from

Almost all of Mylo’s disclosed revenue sits in one channel: direct sales of its own house brands through its own app, rather than through third-party marketplaces, general trade or the offline retail networks that rival baby-care companies increasingly rely on. Within that single channel, the product mix breaks down by category rather than by geography or partner:

• Personal care and wellness — Mylo Care’s chemical-free range for pregnant and postpartum women
• Ayurveda-positioned personal care — the Mylo Veda line, sold as a premium alternative within the same broad category
• Baby and family essentials — Mylo Essentials, including diapers, hygiene products and everyday baby items, the highest-volume category by units sold as of the Series B round (Inc42, April 2022)
• Digital health services — paid consultations, weight-management and PCOS packages, and hospital or IVF referrals, added from 2022 as a fourth, non-product revenue stream (Inc42, April 2022)

The surprise, for a company whose public identity is a pregnancy-tracking app, is how little of its disclosed business has anything to do with the app as a product in itself. Mylo does not charge for the tracker, the community or the content; every rupee of revenue reported to the Registrar of Companies comes from physical products and, more recently, health-service bookings sold to people the free app has already brought in. The app’s real commercial job is customer acquisition, not monetisation.

The risks

• Costs are still outrunning revenue growth in the newer businesses. FY25 revenue grew 28.2% year-on-year, but the net loss grew faster, by roughly 26%, reversing the sharp improvement the company had shown in FY24 (Inc42 Datalabs). If the toddler and health-services expansion keeps adding cost faster than it adds revenue, the FY23-style loss-exceeding-revenue scenario is not a closed chapter.
• The core customer base has a short, fixed shelf life. Mylo’s product range is built around conception, pregnancy and early infancy — a window of roughly two to three years per family. The company’s own 2022 decision to add toddler products and health-services bookings, as reported by Inc42, is itself evidence that management sees the risk of losing customers once their children outgrow the core baby-care range, and cross-selling into new categories is unproven at scale.
• Competition comes from better-funded and more diversified rivals. CB Insights lists FirstCry, BabyChakra and Mamaearth among Mylo’s closest competitors; FirstCry has since listed on the stock exchanges and operates a large offline retail network, while Mamaearth’s parent Honasa Consumer sells through general trade, modern trade and pharmacies as well as online. Mylo’s model remains concentrated in a single, owned-app sales channel, which limits its physical reach next to rivals who have already built multi-channel distribution.

The takeaway

Landing a marquee strategic investor is not the same as fixing a business’s underlying economics, and Mylo’s own numbers make that case better than any outside critique could. ITC’s stake purchase and the wider Series B round in 2022 did what capital is supposed to do: they bought Blupin Technologies room to build new product lines and cut its loss by more than half within a year. But two years further on, in FY25, the loss widened again even as revenue kept climbing, which suggests the underlying question — whether a free content-and-community app can reliably convert trust into a profitable stream of repeat physical-product sales — is still open, not answered. A founder’s public target, like Garg’s stated ₹100 crore ARR ambition, is a useful marker of intent, but it is the Registrar of Companies filing three years later that tells you whether the model actually worked as described. Anyone building a community-to-commerce business would do well to track both numbers side by side, rather than let the more flattering one stand in for the other.

Frequently asked questions

What does Mylo do and who runs it?

Mylo is a free pregnancy-and-parenting app and community, paired with a direct-to-consumer baby and mother-care product business, run by Gurugram-based Blupin Technologies Private Limited. Revenue comes from selling its own product brands and, more recently, paid health-service bookings, not from the app itself.

Who founded Mylo and when?

Vinit Garg founded the company; Blupin Technologies was incorporated on 1 February 2017, and the Mylo app launched in 2018, according to the company’s MCA registration record and public reporting on the app’s launch.

How much funding has Mylo raised, and who are its investors?

Reported totals range from $24.25 million across four rounds (Inc42) to $28.4 million across nine rounds and 38 investors (Tracxn). Backers include Fosun RZ Capital, Xiaomi, W Health Ventures, ITC Limited, Endiya Partners, Riverwalk Holdings, Alteria Capital and Innoven Capital.

Is Mylo profitable?

No. Blupin Technologies posted net losses of ₹38.2 crore in FY23, ₹15.1 crore in FY24 and ₹19.0 crore in FY25, even as revenue grew each year to ₹63.4 crore in FY25, per Inc42 Datalabs’ compilation of the company’s filings.

What is Mylo’s current valuation?

No valuation has been publicly disclosed since ITC’s April-May 2022 stake purchase, which implied a value of roughly ₹390 crore at the time. Reported total funding and investor counts vary between trackers, so treat any newer figure as unconfirmed unless it cites a primary source.

Sources

Figures are as of September 2026. Currency converted at $1 ≈ ₹96.0 as of 18 September 2026 (Trading Economics).

• Inc42, “Mylo — Funding, Revenue & Investors”, accessed September 2026
• Inc42 Datalabs, “Mylo Financials 2026 – Revenue, P&L & Cash Flow”, accessed September 2026
• Inc42, “Mylo Funding 2026 – Total Funding, Rounds & Investors”, accessed September 2026
• Inc42, “Mom Care Brand Mylo Raises $17 Mn To Launch Health Service Vertical & Expand Operations”, April 2022
• Entrackr, “Mylo raises $17 Mn in Series B round”, April 2022
• YourStory, “[Funding alert] Mylo raises $17M in Series B round led by W Health Ventures, Endiya Partners and ITC Limited”, April 2022
• Business Standard, “ITC to acquire 10% stake in Blupin Technologies for up to Rs 39.34 crore”, April 2022
• Business Standard, “ITC acquires 10% stake in Blupin Technologies for Rs 39.34 crore”, May 2022
• The Federal, “ITC to acquire 10% stake in Mylo maker Blupin Technologies for Rs 39 cr”, April 2022
• Tofler, “Blupin Technologies Private Limited” company filing record (CIN U74999HR2017PTC067273), accessed September 2026
• BW Retail World, “Vinit Garg of Mylo, Aims To Lead Mom And Baby Category In India”, accessed September 2026
• Google Play, “Behind the scenes with Mylo: Companion for parents”, editorial feature, accessed September 2026
• CB Insights, “Blupin Technologies — competitors” and company profile, accessed September 2026
• Tracxn, “Mylo — company profile, funding and investors”, accessed September 2026

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