Blostem is a B2B banking infrastructure platform, founded in 2021, specializing in Fixed Deposit (FD) aggregation as its core offering. The company has built strategic partnerships with multiple banks and NBFCs, seamlessly integrating their financial products through robust API solutions. Its revenue was Rs 30.76 lakh for year ended 31st March 2024.
The said transaction is expected to be completed by 28 February 2025. Upon completion, MobiKwik's total equity stake in Blostem is expected to be 6.79% on a fully diluted basis.
On 13 March 2024, the company entered into a share subscription and shareholders' agreement with Blostem. Under this agreement, the firm committed to invest Rs 3,00,11,890 in two tranches. The first tranche, amounting to Rs 1,50,20,250, was paid in March 2024 for a 3.40% equity stake in Blostem's fully diluted paid-up capital.
One MobiKwik Systems (MobiKwik) is India's largest digital wallet that offers a wide range of payments.
The company reported consolidated net loss of Rs 55.28 crore in Q3 FY25 as compared with net profit of Rs 5.27 crore posted in Q3 FY24. However, revenue from operations jumped 17.7% YoY to Rs 269.48 crore in the quarter ended 31 December 2024.
The scrip slipped 2.99% to Rs 313.40 on the BSE.
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