Fintech firm MobiKwik has announced the acquisition of a 3.39 per cent stake in business-to-business (B2B) banking infrastructure platform Blostem for Rs 10.49 million. Following the completion of this deal, MobiKwik's total shareholding in Blostem is projected to increase to 6.79 per cent.

The investment is part of a share subscription and shareholders' agreement signed between MobiKwik and Blostem in March. Under this agreement, MobiKwik committed to investing Rs 30 million in two tranches to acquire equity in the B2B platform. The first tranche of Rs 10.5 million was disbursed in March, securing a 3.4 per cent stake in Blostem's fully diluted paid-up capital.

Blostem, established in 2021, focuses on fixed deposit (FD) aggregation as its primary service. The company has formed partnerships with multiple banks and non-banking financial companies (NBFCs) to facilitate its operations. For the financial year ending March 2024, Blostem reported revenue of Rs 3.76 million.

In October 2023, MobiKwik introduced an FD product on its mobile application in collaboration with financial services firms. The initiative included partnerships with Reserve Bank of India (RBI)-regulated Small Finance Banks and NBFCs such as Suryoday Small Finance Bank and Bajaj Finance, alongside technology service provider Blostem.

MobiKwik reported a consolidated loss of Rs 550.2 million in the third quarter of the financial year 2025 (Q3FY25), following a profit of Rs 50.27 million during the same period the previous year. On a sequential basis, the company had posted a loss of Rs 30.59 million in Q2FY24. Revenue from operations increased by 17.7 per cent, rising from Rs 2.28 billion in Q3FY24 to Rs 2.69 billion in Q3FY25, but experienced a sequential decline of 7.3 per cent.

News source: Business Standard

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