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MobiKwik acquires 3.39% stake in Blostem Fintech
Entrackr
·
5m ago
Medial
MobiKwik acquires 3.39% stake in Blostem Fintech One MobiKwik Systems, the parent company of fintech firm MobiKwik, is acquiring 3.39% of the share capital (on a fully diluted basis) of Blostem Fintech. According to MobiKwik, it intends to invest a total of Rs 1.49 crore for a 3.39% equity stake in Blostem as part of the second tranche of the share subscription and shareholders’ agreement dated March 13, 2024. In an earlier agreement, MobiKwik committed to investing Rs 3 crore in Blostem’s equity shares in two tranches. The first tranche of Rs 1.5 crore was paid in March 2024 for a 3.40% stake in Blostem’s fully diluted paid-up capital. Co-founded in 2021 by Ravi Jain and Sandeep Garg, Blostem is a B2B banking infrastructure platform 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. Blostem reported revenue of Rs 30.76 lakh for the fiscal year ending in March 2024. MobiKwik’s revenue from operations increased to Rs 269 crore in Q3 FY25 from Rs 229 crore in Q3 FY24. However, earnings declined by 7.6% in Q3 FY25 compared to Rs 291 crore in Q2 FY25. MobiKwik's registered user base has grown to 172 million, with 5 million merchants. The company’s payment GMV has also doubled year-on-year to Rs 29,400 crore.
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Mobikwik invests in Blostem, KiranaPro kicks off seed round
VCCircle
·
5m ago
Medial
Mobikwik is investing up to Rs 1.49 crore in Blostem Fintech, a B2B banking platform specializing in fixed deposit aggregation. Previously, Mobikwik committed Rs 3 crore in Blostem, acquiring equity through a structured investment plan. Additionally, quick-commerce startup KiranaPro, which delivers groceries from local stores, received an undisclosed seed funding from badminton star PV Sindhu, who also joins as a brand ambassador, following prior pre-seed funding from angel investors.
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Blostem raises seed round led by AC Ventures
Entrackr
·
1m ago
Medial
Blostem, a B2B infrastructure platform for fixed deposit (FD) distribution, has secured fresh seed funding from AC Ventures. This latest round adds to backing from Mobikwik and Kapil Bharti (co-founder, Delhivery), bringing the total seed funding to Rs 4 crore and valuing the startup at about Rs 45 crore. The fresh funds will be channeled towards strengthening its FD offering, scaling up FD transaction volumes across partner platforms, and expanding into other banking, investment and savings products, Blostem said in a press release. Co-founded in Sept. 2021 by Ravi Jain, Sandeep Garg, Uday Sharma and Pankaj Pratap Singh, Blostem builds the infrastructure & experience layer for fixed deposit distribution in India. Its plug-and-play infrastructure enables digital platforms — including brokers, payment apps, and wealth-tech players — to offer fully digital FDs from multiple banks & NBFCs through a single integration. The startup says that its platform is already being used by leading players like Mobikwik, Upstox and centricity wealth. The Delhi-based startup eliminates the need for fragmented integrations and multiple partnerships. B2C platforms can offer fixed deposits from multiple banks and NBFCs through a single integration — without having to partner with each issuer individually. Likewise, banks and NBFCs can distribute their FDs across a wide network of B2C platforms by integrating just once with its platform. “Fixed deposits have long been one of the most trusted investment options in India, but access has largely remained within traditional banking ecosystems. At Blostem, our vision is to make fixed deposits — and eventually other banking products — available on every digital platform in India, through a single, compliant, and seamless infrastructure & experience layer,” said Ravi Jain, co-founder and MD of Blostem. Currently, Blostem claims to have partnership with around 10 Banks & NBFCs for the Fixed deposit product and over 30 B2C platforms have signed up for using the platform. It aspires to command more than 40% of the digital FD volumes through its ecosystem.
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Net1 exits from Mobikwik with notable loss after 8 years
Entrackr
·
1m ago
Medial
South Africa-based Net1 Applied Technologies has sold its entire 8% stake and exited its long-standing investment in fintech platform Mobikwik, through a block deal on Thursday. Net1 sold its entire holding of 62,15,620 shares at Rs 230.16 each, accumulating approximately Rs 143 crore, according to data from the National Stock Exchange (NSE). Net1 first invested $40 million (approximately Rs 270 crore at the time) in MobiKwik in 2016, aiming to integrate its virtual card and financial inclusion technologies with the Indian fintech platform. However, despite MobiKwik going public, Net1 appears to have made no return and has even incurred a loss on its investment. MobiKwik made its stock market debut in December last year with a strong listing at Rs 444, a 59% premium over its issue price. The fintech platform even touched highs of Rs 698 post-listing. However, the stock has experienced significant volatility since then and has now settled around Rs 261. MobiKwik reported flat revenue of Rs 268 crore in Q4 FY25, compared to the same quarter last year. However, for the full fiscal year, its revenue rose 33.9% to Rs 1,192 crore in FY25. On the bottom line, the company posted a loss of Rs 56 crore in Q4 FY25.
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Zaggle Acquires 26% Stake In Digital Payments Processor Mobileware
Inc42
·
10m ago
Medial
Fintech SaaS startup Zaggle has purchased a 26% stake in Mobileware Technologies (now called '86400') for INR 15.6 Cr. 86400, founded in 2010, offers digital banking and fintech solutions to enhance digital services in rural and urban areas for banks and financial institutions.
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Fintech startup MobiKwik elevates Mohit Narain as Chief Operating Officer - Consumer Payments
IndianStartupNews
·
1y ago
Medial
Fintech startup MobiKwik has promoted Mohit Narain as the Chief Operating Officer for Consumer Payments. Narain, who has been with MobiKwik for over five years, will be responsible for overseeing operational efficiencies in various payment services. Additionally, Harvinder Singh Chadha has joined Zaakpay, a subsidiary of MobiKwik, as Vice President. Chadha brings extensive experience in the banking and fintech sectors and will focus on leading the payment gateway business and driving merchant acquisition. Zaakpay has received regulatory approval from the Reserve Bank of India to operate as a payment aggregator.
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Which investors are underwater as MobiKwik floats IPO with deep valuation cut?
VCCircle
·
8m ago
Medial
MobiKwik, a digital payments company, is set to launch its initial public offering (IPO) next week at a significantly lower valuation than its previous worth. This has resulted in losses for several top private market investors. Founded in 2006, MobiKwik is a fintech company based in Gurugram, India.
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MobiKwik faces criminal case for non-payment of dues to a vendor
Inc42
·
1y ago
Medial
Indian fintech unicorn MobiKwik, which recently filed its draft red herring prospectus (DRHP) with SEBI for its second IPO attempt, is facing a criminal case over non-payment of dues to a vendor. Xplore Private Limited has alleged that MobiKwik failed to clear 12 invoices, resulting in a loss of INR 1.61 crore. The complaint has been filed against MobiKwik and its directors. While the matter is currently pending in court, MobiKwik aims to raise INR 700 crore through a fresh issue of shares for business expansion and investment in AI and ML.
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Infibeam acquires 20% stake in US-based XDuce
Thehindubusinessline
·
1y ago
Medial
Infibeam Avenues Ltd, an AI-powered fintech company, is investing $10 million for a 20% strategic stake in XDuce, an enterprise Application and AI development company based in the US. This move aims to integrate Infibeam's Phronetic capabilities into XDuce's framework and support their platform and payments business growth in the US market. The collaboration will enhance XDuce's intelligence quotient by embedding PhroneticAI Fraud detection and Authentication and Risk identification (FAR) AI technology. Infibeam aims to boost its international business contribution and penetrate the US market with AI fintech solutions for financial fraud prevention.
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Infibeam acquires 49% stake in Pirimid Fintech
Entrackr
·
1y ago
Medial
Fintech firm Infibeam Avenues has acquired a 49% stake in Pirimid Fintech for INR 25 crore. This acquisition marks Infibeam's entry into the capital markets and digital lending software market. Pirimid offers solutions for capital markets, banking and lending, and AI and ML. The partnership will allow Pirimid to develop new digital lending solutions, streamlining the lending process with Infibeam's expertise and technology resources. Infibeam has previously acquired other companies like Sintex Corporate House and Vishko22 Products & Services. In Q2 FY24, Infibeam reported a consolidated gross revenue of INR 789.9 crore with a profit after tax of INR 38.3 crore.
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MobiKwik refiles IPO papers, cuts issue size from ₹1,900 crore to ₹700 crore
Inshorts
·
1y ago
Medial
Fintech unicorn MobiKwik has refiled draft papers with the SEBI to raise ₹700 crore through the issue of new shares in an IPO. It is also aiming to raise ₹140 crore in pre-IPO placement, which will reduce the fresh issue size, if successful. MobiKwik initially filed papers to raise ₹1,900 crore in 2021, but deferred plans after market conditions worsened.
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