Delhi-based fintech infrastructure startup Blostem has raised ₹4 crore in a seed funding round led by AC Ventures, with participation from Mobikwik and Kapil Bharti (co-founder, Delhivery). The round values the company at approximately ₹45 crore post-money.
The capital will be used to enhance Blostem’s fixed deposit (FD) infrastructure, increase FD transaction volumes across partner platforms, and expand into other banking, investment, and savings products, the company said in a press release.
Founded in 2021 by Sandeep Garg, Ravi Jain, Uday Sharma, and Pankaj Pratap Singh, Blostem is building a B2B infrastructure platform that simplifies FD distribution in India. Sandeep Garg also serves as the CEO of the company.
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Blostem’s plug-and-play solution enables B2C platforms including brokers, payment apps, and wealth-tech firms to integrate and offer FDs from multiple banks and NBFCs through a single API-based system, without the need for individual issuer partnerships.
The platform is currently being used by prominent names like Mobikwik, Upstox, and Centricity Wealth. Blostem claims to have onboarded around 10 banks and NBFCs, and over 30 B2C platforms, as it aims to capture more than 40% of India’s digital FD volume.
Blostem’s model helps banks and NBFCs scale FD distribution via a single integration, while solving fragmented access issues for fintech platforms and end users alike.
