MobiKwik acquires 3.39% stake in Blostem Fintech

One MobiKwik Systems, the parent company of fintech firm MobiKwik, is acquiring 3.39% of the share capital (on a fully diluted basis) of Blostem Fintech.

According to MobiKwik, it intends to invest a total of Rs 1.49 crore for a 3.39% equity stake in Blostem as part of the second tranche of the share subscription and shareholders’ agreement dated March 13, 2024.

In an earlier agreement, MobiKwik committed to investing Rs 3 crore in Blostem’s equity shares in two tranches. The first tranche of Rs 1.5 crore was paid in March 2024 for a 3.40% stake in Blostem’s fully diluted paid-up capital.

Co-founded in 2021 by Ravi Jain and Sandeep Garg, Blostem is a B2B banking infrastructure platform specializing in Fixed Deposit (FD) aggregation as its core offering. The company has built strategic partnerships with multiple banks and NBFCs, seamlessly integrating their financial products through robust API solutions.

As per Blostem, its plug-and-play technology stack empowers B2C platforms across diverse sectors to efficiently distribute banking products. The platform leverages cutting-edge infrastructure, enabling financial institutions, B2C platforms, and super apps to offer scalable and seamless financial products to end customers.

Blostem reported revenue of Rs 30.76 lakh for the fiscal year ending in March 2024. The company operates across India.

MobiKwik’s revenue from operations increased to Rs 269 crore in Q3 FY25 from Rs 229 crore in Q3 FY24. However, earnings declined by 7.6% in Q3 FY25 compared to Rs 291 crore in Q2 FY25.

MobiKwik's registered user base has grown to 172 million, with 5 million merchants. The company’s payment GMV has also doubled year-on-year to Rs 29,400 crore.