One MobiKwik Systems, the parent company of MobiKwik, has committed to increasing its shareholding in Blostem Fintech as part of a strategic move to enhance its banking infrastructure capabilities. The investment is part of the second tranche of a share subscription and shareholders’ agreement signed on March 13, 2024.
Earlier, MobiKwik had agreed to invest a total of Rs 3 crore in Blostem in two phases. The first tranche of Rs 1.5 crore was completed in March 2024, giving MobiKwik a 3.40% stake in Blostem’s fully diluted paid-up capital.
Blostem’s Role in B2B Banking Infrastructure
Founded in 2021 by Ravi Jain and Sandeep Garg, Blostem Fintech is a B2B banking infrastructure platform specializing in Fixed Deposit (FD) aggregation. The company has built strategic partnerships with multiple banks and NBFCs, enabling seamless integration of financial products via its API-driven solutions.
Blostem’s plug-and-play technology stack empowers B2C platforms across various industries to distribute banking products efficiently. Its robust infrastructure allows financial institutions, super apps, and consumer platforms to scale and streamline financial offerings. In FY24, Blostem reported revenue of Rs 30.76 lakh, highlighting its growing presence in India’s fintech ecosystem.
MobiKwik’s Growth and Market Performance
MobiKwik continues to strengthen its financial footprint, with operational revenue reaching Rs 269 crore in Q3 FY25, up from Rs 229 crore in Q3 FY24. However, its earnings saw a 7.6% decline from Rs 291 crore in Q2 FY25.
The fintech firm’s registered user base has expanded to 172 million, along with a merchant network of 5 million. Additionally, MobiKwik’s payment Gross Merchandise Value (GMV) has doubled year-on-year, hitting Rs 29,400 crore.
Strategic Implications
By increasing its stake in Blostem, MobiKwik is reinforcing its position in India’s digital financial services sector. The investment aligns with MobiKwik’s broader vision of deepening its banking partnerships and enhancing its infrastructure for scalable financial product distribution.
With the fintech landscape evolving rapidly, MobiKwik’s strategic investments in firms like Blostem could pave the way for new digital banking solutions, further bridging the gap between consumers, platforms, and financial institutions.
