Fintech firm MobiKwik on Friday announced it will acquire a 3.39 per cent stake in business-to-business (B2B) banking infrastructure platform Blostem for ₹1.49 crore.
The aggregate shareholding of the Gurugram-based listed firm in the platform is expected to grow to 6.79 per cent after the deal.
MobiKwik had entered into a share subscription and shareholders’ agreement with Blostem in March. It agreed to invest ₹3 crore in two tranches as part of its investment to acquire equity in the B2B platform.
The first tranche of ₹1.5 crore was paid in March for 3.4 per cent of the fully diluted paid-up capital of Blostem.
Founded in 2021, Blostem specialises in fixed deposit (FD) aggregation as its core offering. The company has built partnerships with multiple banks and non-banking financial companies (NBFCs). For the year-ended March 2024, the company posted a revenue of ₹ 30.76 lakh.
MobiKwik rolled out an FD product on its mobile app, in partnership with financial services firms, in October last year.
It partnered with Reserve Bank of India (RBI)-regulated Small Finance Banks and NBFCs such as Suryoday Small Finance Bank, Bajaj Finance, among others along with technology service provider Blostem.
MobiKwik reported a consolidated loss of ₹55.2 crore in the third quarter of financial year 2025 (Q3FY25), slipping after a profit of ₹5.27 crore the same time last year. Sequentially, the fintech company made a loss of ₹3.59 crore in Q2FY24.
Revenue from operations grew 17.7 per cent, from ₹228.93 crore in Q3FY24 to ₹269.47 crore in Q3FY25. However, it declined sequentially by 7.3 per cent.
