Mobikwik acquires 3.39% stake in Blostem Fintech for Rs 1.49 Cr
Post acquiring the stake, Mobikwik's aggregate shareholding is likely to be 6.79% of the share capital of Blostem on a fully converted and diluted basis.
Gurugram-based fintech company on Friday said it acquired a 3.39% stake in Blostem Fintech. The acquisition will be completed by February 28, 2025, the company said in its BSE filing.
The fintech company will invest a total of Rs 1.49 crore for 3.39% equity shares of Blostem in the second tranche of the share subscription and shareholders’ agreement dated March 13, 2024, the company said.
Post acquiring the stake, Mobikwik's aggregate shareholding is likely to be 6.79% of the share capital of Blostem on a fully converted and diluted basis.
As per the March agreement with Blostem, Mobikwik had agreed to invest Rs 3,00,11,890 in two tranches. The first tranche of about Rs 1.5 crore was paid in March 2024 for a 3.40% equity stake in Blostem's fully diluted paid-up capital.
Founded in 2021, Blostem is a B2B banking infrastructure platform that specialises in fixed deposit (FD) aggregation. Blostem, which operates across India, had reported revenue of Rs 30.76 lakh in FY24.
Mobikwik reported a sharp widening of losses in the third quarter of the current fiscal year, driven by volatile revenue trends, surging expenses, and one-off adjustments tied to agreements with lending partners.
The digital payments and lending platform's net loss ballooned to Rs 55.28 crore in Q3 FY25, a 15.3X jump from the previous quarter’s Rs 3.59 crore and a swing from a profit of Rs 5.27 crore in the same period last year. Revenue from operations fell 7.28% QoQ to Rs 269.47 crore, though it rose 17.7% YoY.
Edited by Suman Singh