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NEW DELHI: Buy now Pay Later (BNPL) startup ZestMoney has decided to shut operations. The move will impact some 150 employees of the firm, the company’s management informed employees in a town hall on Tuesday.
ZestMoney did not comment. It is learnt that the firm will shut down by the end of this month.
The move comes after attempts by the Bengaluru-based startup to get acquired by larger peer PhonePefailed.The deal was called off earlier this year after a due diligence process undertaken by PhonePe while evaluating the potential acquisition failed to meet its bar. The Walmart-owned fintech major had, however, hired some 130 of ZestMoney’s employees.
Following the failed acquisition, the startup’s three co-founders Lizzie Chapman, Priya Sharma, and Ashish Anantharaman had stepped down from day-to-day operations and had appointed a new leadership team consisting of Abhishek Sharma, Mandar Satpute, and Mohit Chhajer. In August, the startup claimed to have raised some money from investors but its efforts to revive the firm’s operations failed.
Founded in 2015 by Lizzie Chapman, ZestMoney’s losses shot up to about Rs 398.82 crore in FY22 from Rs 125.83 crore in FY21 on a standalone basis, according to filings sourced from business intelligence platform Tofler.
ZestMoney did not comment. It is learnt that the firm will shut down by the end of this month.
The move comes after attempts by the Bengaluru-based startup to get acquired by larger peer PhonePefailed.The deal was called off earlier this year after a due diligence process undertaken by PhonePe while evaluating the potential acquisition failed to meet its bar. The Walmart-owned fintech major had, however, hired some 130 of ZestMoney’s employees.
Following the failed acquisition, the startup’s three co-founders Lizzie Chapman, Priya Sharma, and Ashish Anantharaman had stepped down from day-to-day operations and had appointed a new leadership team consisting of Abhishek Sharma, Mandar Satpute, and Mohit Chhajer. In August, the startup claimed to have raised some money from investors but its efforts to revive the firm’s operations failed.
Founded in 2015 by Lizzie Chapman, ZestMoney’s losses shot up to about Rs 398.82 crore in FY22 from Rs 125.83 crore in FY21 on a standalone basis, according to filings sourced from business intelligence platform Tofler.
