Indian BNPL fintech ZestMoney is reportedly closing down
Indian buy now, pay later (BNPL) start-up ZestMoney is reportedly set to close down by the end of December.
ZestMoney will reportedly shut down by the end of the month
According to several news reports, ZestMoney’s new leadership team informed its nearly 150-strong workforce this week of the decision to completely wind down, after efforts to find a buyer or raise additional capital proved unsuccessful.
In May this year, ZestMoney’s co-founders Lizzie Chapman, Ashish Anantharaman and Priya Sharma left the firm after payments giant PhonePe called off a proposed acquisition, with ZestMoney’s vice president of finance and financial operations Mohit Chhajer, chief banking officer Mandar Satpute, and SVP of growth Abhishek Sharma taking over the reins.
Later in August, reports suggested that the company raised an undisclosed amount in a fresh round of funding from existing backers Quona Capital, Omdiyar Network India, Flourish Ventures, Zip Co and Scarlet Capital in a bid to forge a path forward for the business.
At its peak, the company was valued at nearly $450 million after its Australian counterpart Zip acquired a $50 million stake in the firm in 2021.
Founded in 2015 and based in Bengaluru, ZestMoney offers BNPL services to Indian consumers, allowing them to make purchases and repay in three or more installments. Over the last eight years, the company raised more than $130 million in funding.
