One MobiKwik Systems Pvt. Ltd., the parent company of fintech firm MobiKwik, has announced the acquisition of a 3.39% stake in Blostem Fintech for Rs 1.49 crore. It is the second tranche of share subscription and shareholders' agreement on March 13, 2024.
Earlier, MobiKwik had committed Rs 3 crore to Blostem’s equity shares in two tranches. The first tranche of Rs 1.5 crore was invested in March 2024, securing a 3.40% stake in Blostem’s fully diluted paid-up capital.
Sandeep Garg and Ravi Jain co-founded Blostem Fintech in 2021. Blostem is a B2B banking infrastructure platform specializing in Fixed Deposit (FD) aggregation as its core offering. Strategic partnerships have been set up with various banks and NBFCs to integrate their financial products seamlessly through advanced API.
Blostem's plug-and-play technology stack allows better distribution of banking products across various sectors through B2C platforms. The platform leverages cutting-edge infrastructure, enabling financial institutions, B2C platforms, and super apps to offer scalable financial products to end customers seamlessly.
Blostem has posted a revenue of Rs 30.76 lakh for the accounting year ending in March 2024 while operating across India. MobiKwik has since improved operating revenues to Rs 269 crore during Q3 of FY25, up from Rs 229 crore in Q3 of FY24. It saw a decline, however, in earnings for Q3 FY25 by 7.6% against Rs 291 crore in the last quarter of FY25.
MobiKwik is now home to over 172 million registered users and around 5 million merchants, while GMV payments have doubled before reaching a total of Rs 29,400 crore.
