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Blostem raises pre-Series A funding; Rainmatter picks up 9% stake

EntrackrEntrackr · 1m ago
Blostem raises pre-Series A funding; Rainmatter picks up 9% stake
Medial

Blostem raises pre-Series A funding; Rainmatter picks up 9% stake B2B banking infrastructure platform Blostem has raised its Pre-Series A round led by Rainmatter, the investment arm backed by Zerodha, for an undisclosed amount. The round gives Rainmatter a 9% stake in the startup. Founded by Ravi Jain, Sandeep Garg, Uday Sharma, and Pankaj Pratap Singh, Blostem offers a plug-and-play layer that enables brokers, fintech apps, payment players, and wealth-tech firms to offer digital retail-banking products without building integrations with each bank. Its stack supports fixed deposits, FD-backed credit cards, and Credit-on-UPI. Partners integrate once and gain access to multiple banks and NBFCs through a unified API. The firm has built a network of 10 banks and NBFCs for its fixed-deposit product, including Suryoday Small Finance Bank, Unity SFB, Shivalik SFB, Utkarsh SFB, Bajaj Finance, Shriram Finance, and Mahindra Finance. More integrations are in progress. Blostem works with large fintech platforms such as Mobikwik, Jupiter Money, Upstox, Aditya Birla Capital Digital, IRIS by KFin Technologies, Centricity Wealth, and GoldenPi. The company said its FD marketplace will go live on Zerodha and other large platforms shortly. Blostem aims to capture 40% of India’s digital FD volumes over the next few years through its partner ecosystem. The proceeds will be used to expand its distribution network, strengthen partnerships with banks, and launch new products including FD-backed credit cards and Credit-on-UPI. Funds will also be used to hire senior talent across technology, compliance, and partnerships.

Exclusive: Peak XV to lead new round in GoodScore parent

EntrackrEntrackr · 10m ago
Exclusive: Peak XV to lead new round in GoodScore parent
Medial

Exclusive: Peak XV to lead new round in GoodScore parent Arthvit 1809 Tech Pvt. Ltd, the parent company of Rupicard and GoodScore, is all set to raise $15-20 million in a fresh funding round, sources aware of the development told Entrackr. "Peak XV is leading a $15 million investment in Arthvit 1809 Tech (parent of GoodScore and Rupicard), with participation from existing investor Stellaris. The terms of the deal have been finalized, and the company is expected to announce it in the coming weeks," said a source familiar with the matter, requesting anonymity. Founded in 2022 by Rakshit Agarwal and Sanchit Bansal​, GoodScore helps users improve their credit scores to 750 and above. It provides monthly tracking, detailed reports, and expert guidance. Its core product Rupicard offers a secured credit card linked to a fixed deposit (FD), allowing users to build or improve their credit scores. Users can open an FD starting from Rs 5,000 and receive a credit limit equal to 90% of their deposit. Queries sent to Peak XV and Bansal didn’t elicit an immediate response. Last year, Bajaj Markets, a Bajaj Finserv subsidiary, partnered with Rupicard to expand credit card access across India. Arthvit 1809 Tech (parent company of Rupicard and Goodscore) is backed by Stellaris Venture Partners, Saison Capital, and Sprint VC, as per PitchBook's data. Interestingly, Peak XV is already an investor in OneCard, which operates OneScore, a similar app to GoodScore. The Anurag Sinha-led company is a unicorn, and Peak XV is its largest stakeholder. Arthvit 1809 Tech began monetizing its operations in FY24 and its operating revenue surged to Rs 2.5 crore in the last fiscal year from Rs 4 thousand in FY23. Collection from services was the sole source of the company’s revenue in the last fiscal year. However, the firm’s losses also expanded significantly, increasing 7.7 times to Rs 7 crore in FY24.

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