MobiKwik Takes Additional Stake in Banking Platform Blostem

Digital payments company MobiKwik will acquire a 3.39% stake in Blostem Fintech for Rs 1.49 crore, the Gurugram-based firm announced in a BSE filing. The deal, expected to close by February 28, 2025, will push MobiKwik's total ownership in Blostem to 6.79%.

The investment marks the second tranche of a March 2024 agreement worth Rs 3,00,11,890. MobiKwik had invested Rs 1.5 crore for a 3.40% stake in Blostem, a B2B banking infrastructure company specializing in fixed deposit aggregation. Blostem, which launched in 2021, posted revenue of Rs 30.76 lakh in FY24.

The stake purchase comes as MobiKwik grapples with mounting losses. The fintech player's Q3 FY25 losses shot up to Rs 55.28 crore, compared to Rs 3.59 crore in the previous quarter. The company had posted a profit of Rs 5.27 crore in the same period last year.

MobiKwik's revenue dipped 7.28% quarter-on-quarter to Rs 269.47 crore, though it managed a 17.7% year-on-year increase. The company blamed the poor quarterly performance on revenue volatility, higher expenses, and adjustments related to lending partner agreements.
The news was disclosed in MobiKwik's mandatory filing to the Bombay Stock Exchange.