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MobiKwik acquires 3.39% stake in Blostem Fintech

EntrackrEntrackr · 1y ago
MobiKwik acquires 3.39% stake in Blostem Fintech
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.

Blostem raises seed round led by AC Ventures

EntrackrEntrackr · 8m ago
Blostem raises seed round led by AC Ventures
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.

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

EntrackrEntrackr · 3m 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.

PV Sindhu joins KiranaPro as investor and brand ambassador

EntrackrEntrackr · 1y ago
PV Sindhu joins KiranaPro as investor and brand ambassador
Medial

Quick commerce platform KiranaPro has roped in PV Sindhu, India’s badminton player, as both an investor and brand ambassador. The company didn’t reveal the financial details of the deal but confirmed that Sindhu’s investment is the first commitment in its seed funding round. PV Sindhu’s role will extend beyond just being the face of KiranaPro. According to the company, she will actively contribute to the brand’s vision of bridging the digital divide for small retailers. Her role as the brand’s official ambassador during IPL 2025 will further amplify KiranaPro’s presence on a national scale. Founded by Deepak Ravindran and Dipankar Sarkar, KiranaPro empowers local Kirana stores and supermarkets with its technology. By enabling 10-minute deliveries and providing flexible revenue models, KiranaPro ensures Kirana stores stay competitive in the retail landscape. Recently, KiranaPro acquired Joper.app, a hyperlocal grocery delivery service that connects small Kirana stores with customers, for an undisclosed amount. After this partnership, PV Sindhu will feature in multiple digital and traditional media campaigns, and wear the logo of KiranaPro on her jersey.

Exclusive: Sneaker brand Gully Labs kicks off Series A round

EntrackrEntrackr · 2m ago
Exclusive: Sneaker brand Gully Labs kicks off Series A round
Medial

Sneaker brand Gully Labs has raised Rs 26.5 crore ($3 million) in its Series A round, led by Saama Capital, with participation from seed round investor Zeropearl and other individual investors. The board at Gully Labs has passed a resolution to issue 10 equity shares and 31,925 Series A compulsorily convertible preference shares (CCPS) at an issue price of Rs 8,301 per share, aiming to raise Rs 26.50 crore, as per its regulatory filing with the Registrar of Companies (RoC). Saama Capital led the round with an investment of Rs 22.6 crore, while seed-stage backer Zeropearl followed with Rs 3.5 crore. The round also saw participation from Teppan (Rs 20 lakh), Unacademy co-founder Roman Saini (Rs 10 lakh), Edelweiss Mutual Fund MD and CEO Radhika Gupta (Rs 10 lakh), and angel investor Aditya Bhalla (Rs 4 lakh). According to the filings, the fresh funds will be utilised for business expansion and other corporate purposes. As per Entrackr’s estimates, Gully Labs is valued at around Rs 147 crore ($16.25 million) on a post-money basis. Following the fresh allotment, Saama Capital VI LP has emerged as the largest shareholder with a 15.40% stake, while Zeropearl Fund holds 10.21%. Before this round, the company had secured around $1 million in seed capital in June last year. Co-founded in 2023 by Arjun Singh and Animesh Mishra, Gully Labs operates a direct-to-consumer footwear brand focused on sneakers inspired by Indian street culture. The company designs and manufactures its products in-house and primarily sells through its own website. Gully Labs is yet to file its FY25 financial results. The company competes with players such as Comet, which raised $5 million in 2024, Neemans, which has recently kicked off fresh fundraising, as well as Solethreads, Zeesh, and others.

Exclusive: Credilio kicks off Series A; valuation jumps 2.7X

EntrackrEntrackr · 1d ago
Exclusive: Credilio kicks off Series A; valuation jumps 2.7X
Medial

Exclusive: Credilio kicks off Series A; valuation jumps 2.7X Fintech startup Credilio has raised around Rs 30 crore (approximately $3.3 million) in its Series A round led by existing investor Cornerstone Ventures, with participation from Ashra Private Equity Fund. The company’s board has passed a resolution to allot 2,481 compulsory convertible cumulative preference shares (CCCPS) at an issue price of Rs 1,20,880 per share to raise the aforementioned amount. Cornerstone Ventures led the round with an investment of Rs 20 crore, followed by Ashra Private Equity Fund, which infused Rs 10 crore. According to Entrackr’s estimates, Credilio’s valuation has jumped 2.7X to Rs 330 crore (approximately $36.5 million) post-money, compared with its last seed round, which was at Rs 120 crore valuation. According to the filing, the proceeds from the issue will be used for growth, expansion, and general corporate purposes. The company may raise additional capital as the round progresses. Following the latest proceeds, Cornerstone Ventures and Ashra Private Equity Fund hold 17.90% and 3.03%, respectively, on a fully diluted basis. Its cofounders, Aditya Gupta, Anand Kapadia, and Sandeep Ghule hold 12.21% each in the company. Mumbai-based firm had previously raised $4 million (around Rs 30 crore) in its pre-Series A round from Cornerstone Venture Partners Fund (CSVP Fund), Exfinity Venture Partners, and Param Capital founder Mukul Agarwal in his personal capacity. Founded in 2020 by Aditya Gupta, Sandeep Ghule, and Anand Kapadia, Credilio is a digital platform that connects financial advisors, lenders, and consumers, enabling seamless distribution of credit cards and loan products. Credilio reported flat revenue at Rs 79.79 crore in FY25 compared to Rs 79.67 crore in FY24, while its losses declined slightly to Rs 19.35 crore in the same period.

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