MobiKwik Systems Limited has announced the acquisition of a 3.39% stake in Blostem Fintech Private Limited, marking a strategic move into the B2B banking infrastructure sector.
Blostem, founded in 2021, specializes in Fixed Deposit (FD) aggregation and has built key partnerships with banks and non-banking financial companies (NBFCs) to offer integrated financial products via robust API solutions.
The transaction, part of a broader investment agreement, involves an overall investment of INR 3,00,11,890 in two tranches. The first tranche of INR 1,50,20,250 was paid in March 2024 for a 3.40% stake, while the second tranche, amounting to INR 1,49,91,640, is expected to be completed by February 2025. Following the completion of both tranches, MobiKwik will hold a 6.79% stake in Blostem on a fully diluted basis.
The acquisition, which will be made through cash consideration, is expected to enhance MobiKwik’s fintech offerings, leveraging Blostem’s cutting-edge infrastructure to expand its B2B services. The deal does not fall under related party transactions, ensuring it is conducted at arm’s length, and requires no regulatory approvals.