Blostem Secures Seed Funding for B2B Fixed Deposit Distribution
Blostem, a B2B platform focused on fixed deposit distribution, has successfully secured new seed funding from AC Ventures. This funding round adds to the earlier support from Mobikwik and Kapil Bharti (co-founder of Delhivery), resulting in total seed funding of Rs 4 crore and valuing the startup at around Rs 45 crore.
The newly acquired funds will be directed towards enhancing its fixed deposit offerings, increasing FD transaction volumes across partner platforms, and broadening the range of banking, investment, and savings products, as stated by Blostem in a press release.
About Blostem and Its Vision
Co-founded in September 2021 by Ravi Jain, Sandeep Garg, Uday Sharma, and Pankaj Pratap Singh, Blostem is focused on creating the infrastructure and experience layer for fixed deposit distribution in India. Its plug-and-play system allows digital platforms—including brokers, payment apps, and wealth-tech firms—to seamlessly offer fully digital fixed deposits from various banks and NBFCs via a single integration.
The startup reports that its platform is already being utilised by prominent players such as Mobikwik, Upstox, and Centricity Wealth.
Simplifying Fixed Deposit Integration
Based in Delhi, the startup eliminates the challenges associated with fragmented integrations and multiple partnerships. B2C platforms can now provide fixed deposits from a range of banks and NBFCs through one integration, without the hassle of negotiating separate agreements with each issuer. Similarly, banks and NBFCs can extend their fixed deposit offerings across numerous B2C platforms by integrating just once with Blostem’s solution.
Future Aspirations
The co-founder and Managing Director of Blostem, Ravi Jain, noted that fixed deposits have historically been one of the most reliable investment options in India, although access has primarily been limited to traditional banking systems. Blostem aims to make fixed deposits—and ultimately other banking products—accessible on every digital platform in India through a single, compliant, and streamlined infrastructure and experience layer.
Presently, Blostem claims to have partnerships with approximately 10 banks and NBFCs for its fixed deposit offerings, and over 30 B2C platforms have registered to utilise its services. The company aspires to capture more than 40% of the digital fixed deposit volumes in its ecosystem.