MobiKwik acquires 3.39% stake in API infra startup Blostem Fintech
24 Feb 2025, 01:13 AMFounded in 2021 by Ravi Jain and Sandeep Garg, Blostem is a B2B banking infrastructure platform specializing in Fixed Deposit (FD) aggregation.
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One MobiKwik Systems, the parent company of fintech firm MobiKwik, is acquiring 3.39% of the share capital (fully diluted basis) of Blostem Fintech.
MobiKwik plans 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, the company said in a BSE filing.
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.
Founded in 2021 by Ravi Jain and Sandeep Garg, Blostem is a B2B banking infrastructure platform specializing in Fixed Deposit (FD) aggregation. The company has built strategic partnerships with multiple banks and NBFCs, integrating their financial products through API solutions.
Blostem reported revenue of Rs 30.76 lakh for the fiscal year ending in March 2024.
For the quarter ended December 31, 2024, the Gurugram-based fintech posted Rs 269 crore in revenue from operations -- a decline from previous quarter (Q2FY25) which stood at Rs 290 crore. However, on a yoy basis, the revenue slightly increased from Rs 228.9 crore.
The company's losses widened during the third quarter. MobiKwik posted a net loss of Rs 55 crore, compared to Rs 3.6 crore during Q2 FY25; and a profit of Rs 5 crore posted a year earlier.
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