MobiKwik Acquires 3.39% Stake in Blostem Fintech
- ByStartupStory | February 22, 2025
Fintech firm MobiKwik, through its parent company One MobiKwik Systems, is strengthening its position in the financial technology space 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 to investing a total of Rs 3 crore in Blostem Fintech in two phases. The first tranche of Rs 1.5 crore was completed in March 2024, securing a 3.40% stake in Blostem’s fully diluted paid-up capital. The second tranche of approximately Rs 1.49 crore is expected to be completed by February 28, 2025, increasing MobiKwik’s total stake in Blostem to about 6.79%.
The transaction is structured as a cash consideration rather than a share swap, and no government or regulatory approvals are required for completion.
Blostem Fintech, founded in 2021 and headquartered in Delhi, is a B2B banking infrastructure platform specializing in Fixed Deposit (FD) aggregation. The company has established strategic partnerships with multiple banks and Non-Banking Financial Companies (NBFCs), integrating financial products through robust API solutions.
Blostem’s plug-and-play technology stack enables B2C platforms across various industries to efficiently distribute banking products. By leveraging its advanced infrastructure, the company provides financial institutions, B2C platforms, and super apps with scalable and seamless financial products.
For the financial year ending in March 2024, Blostem reported revenue of Rs 30.76 lakh and has operational coverage across India.
MobiKwik has demonstrated steady expansion, with its revenue from operations reaching Rs 269 crore in the third quarter of fiscal year 2025, compared to Rs 229 crore in the same period the previous year. However, its earnings declined by 7.6% from Rs 291 crore in the second quarter of FY25.
The company’s user base has grown to 172 million registered users, serving 5 million merchants. Additionally, its payment Gross Merchandise Value (GMV) has doubled year-on-year to Rs 29,400 crore.
MobiKwik’s investment in Blostem aligns with its broader strategy to enhance its footprint in the fintech ecosystem. By acquiring a stake in a firm specializing in FD aggregation and banking infrastructure, MobiKwik is poised to expand its financial services portfolio and offer diversified banking solutions to its vast customer base.
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