MobiKwik Expands Fintech Presence with 3.39% Stake Acquisition in Blostem Fintech

MobiKwik is acquiring a 3.39% stake in Blostem Fintech for ₹1.49 crore as part of the second tranche of its ₹3 crore investment agreement signed in March 2024. The first tranche of ₹1.5 crore was paid in March, securing a 3.4% stake. Founded in 2021, Blostem specializes in FD aggregation and partners with banks and NBFCs through API-based solutions. The company reported ₹30.76 lakh in revenue for FY24. MobiKwik’s revenue grew to ₹269 crore in Q3 FY25, though earnings declined 7.6% sequentially. Its user base has reached 172 million, with 5 million merchants.

 

MobiKwik Expands Fintech Presence with 3.39% Stake Acquisition in Blostem Fintech

MobiKwik, the parent company of One MobiKwik Systems, is acquiring a 3.39% stake in Blostem Fintech on a fully diluted basis. The fintech firm plans to invest Rs 1.49 crore as part of the second tranche of a share subscription and shareholders’ agreement dated March 13, 2024.

Previously, MobiKwik had committed Rs 3 crore in total investment for Blostem, with the first tranche of Rs 1.5 crore paid in March 2024, securing a 3.40% stake at that time.

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 formed strategic partnerships with banks and NBFCs, integrating their financial products through advanced API solutions. Its plug-and-play technology allows B2C platforms to efficiently distribute banking services, enabling financial institutions, B2C platforms, and super apps to offer scalable financial products.

For the fiscal year ending March 2024, Blostem reported revenue of Rs 30.76 lakh and operates across India.

Meanwhile, MobiKwik’s operational revenue grew to Rs 269 crore in Q3 FY25 from Rs 229 crore in Q3 FY24, though earnings declined by 7.6% compared to Rs 291 crore in Q2 FY25. The company’s registered user base has reached 172 million, with 5 million merchants. Additionally, its payment GMV has doubled year-on-year to Rs 29,400 crore.

 

MobiKwik has announced plans to acquire a 3.39% stake in B2B banking infrastructure platform Blostem for ₹1.49 crore. Following this investment, the Gurugram-based fintech firm’s total shareholding in Blostem is expected to rise to 6.79%.

The investment is part of a share subscription and shareholders’ agreement signed in March 2024, under which MobiKwik committed ₹3 crore in two tranches. The first tranche of ₹1.5 crore was paid in March for a 3.4% stake in Blostem’s fully diluted paid-up capital.

Founded in 2021, Blostem specializes in fixed deposit (FD) aggregation and has established partnerships with multiple banks and NBFCs. The company reported ₹30.76 lakh in revenue for the fiscal year ending March 2024.

In October 2024, MobiKwik introduced an FD product on its mobile app in collaboration with financial services firms. It has partnered with RBI-regulated Small Finance Banks and NBFCs, including Suryoday Small Finance Bank and Bajaj Finance, with Blostem serving as a technology provider.

Financially, MobiKwik reported a consolidated loss of ₹55.2 crore in Q3 FY25, a reversal from the ₹5.27 crore profit recorded in the same quarter last year. In Q2 FY25, the company had reported a smaller loss of ₹3.59 crore. Meanwhile, revenue from operations grew 17.7% year-over-year, rising from ₹228.93 crore in Q3 FY24 to ₹269.47 crore in Q3 FY25, though it declined 7.3% sequentially.

 

MobiKwik, through its parent company One MobiKwik Systems, is set to expand its presence in the fintech sector by acquiring a 3.39% stake in Blostem Fintech.

This investment is part of the second tranche of a share subscription and shareholders’ agreement signed on March 13, 2024. MobiKwik has committed a total investment of approximately ₹3 crore in two phases, with the second tranche of ₹1.49 crore expected to be completed by February 28, 2025.

 

Investment Breakdown

In March 2024, MobiKwik made an initial investment of ₹1.5 crore, securing a 3.40% stake in Blostem’s fully diluted paid-up capital. Upon completion of the second tranche, its total stake in Blostem will rise to 6.79%.

According to disclosures, the transaction does not require any government or regulatory approvals and is structured as a cash consideration rather than a share swap.

 

About Blostem Fintech

Founded in 2021 and registered in Delhi, Blostem Fintech is a B2B banking infrastructure platform specializing in fixed deposit aggregation. The company has partnered with multiple banks and NBFCs, offering API-based solutions to integrate financial products seamlessly.

Blostem’s technology stack enables consumer-focused platforms across different sectors to efficiently distribute banking products while ensuring secure and scalable services for financial institutions. The company reported a revenue of ₹30.76 lakh for the financial year ending March 2024 and operates across India.

 

MobiKwik’s Growth

MobiKwik has experienced steady expansion, with revenue from operations rising to ₹269 crore in Q3 FY25 from ₹229 crore in the same period the previous year. However, earnings declined 7.6% from ₹291 crore in Q2 FY25.

The company’s registered user base has grown to 172 million, with 5 million merchants. Additionally, its payment Gross Merchandise Value (GMV) has doubled year-over-year to ₹29,400 crore.