The parent company of the fintech company MobiKwik, One MobiKwik Systems, is purchasing 3.39% of Blostem Fintech’s share capital (on a fully diluted basis).
According to MobiKwik, as part of the second tranche of the share subscription and shareholders’ agreement dated March 13, 2024, it plans to invest a total of Rs 1.49 crore for a 3.39% equity in Blostem.
MobiKwik previously agreed to invest Rs 3 crore in two tranches of Blostem’s equity shares. In March 2024, the initial payment of Rs 1.5 crore was made for a 3.40% share in Blostem’s fully diluted paid-up capital.
Blostem is a B2B banking infrastructure platform that was co-founded in 2021 by Ravi Jain and Sandeep Garg. Its primary product is Fixed Deposit (FD) aggregation. Through reliable API solutions, the business has established strategic alliances with numerous banks and NBFCs, integrating their financial products with ease.
Its plug-and-play technology stack enables B2C platforms in a variety of industries to effectively distribute banking products, according to Blostem. By utilizing state-of-the-art infrastructure, the platform allows financial institutions, business-to-consumer platforms, and super apps to provide end users with seamless and scalable financial products.
For the fiscal year that concluded in March 2024, Blostem reported revenue of Rs 30.76 lakh. The business has operations all over India.
The operating revenue of MobiKwik climbed from Rs 229 crore in Q3 FY24 to Rs 269 crore in Q3 FY25. However, compared to Rs 291 crore in Q2 FY25, earnings fell 7.6% in Q3 FY25.
With 5 million merchants, MobiKwik now has 172 million registered users. At Rs 29,400 crore, the company’s payment GMV has also doubled annually.
