“ZestMoney Ceases Operations, Cuts 150 Jobs Amid Regulatory Uncertainty”
Amidst regulatory uncertainties and a failed revival attempt, ZestMoney, a prominent buy now, pay later (BNPL) startup, is set to shut down, as reported by Moneycontrol. In a recent town hall meeting, the management announced the closure, leading to the dismissal of 150 employees.
Amidst regulatory uncertainties and a failed revival attempt, ZestMoney, a prominent buy now, pay later (BNPL) startup, is set to shut down, as reported by Moneycontrol. In a recent town hall meeting, the management announced the closure, leading to the dismissal of 150 employees.
The decision arrives following a tumultuous period after the founders relinquished control, leaving ZestMoney under new management and investor supervision. Established in 2016 by Lizzie Chapman, Priya Sharma, and Ashish Anantharaman, the startup boasted a sizable customer base of 17 million. Facilitating monthly loan disbursals of ₹400 crore, it held partnerships with 27 lending entities, collaborated with 10,000 online brands, and served 75,000 offline stores.
Despite aiming for a revival with their ‘ZestMoney 2.0’ or ‘ZeMo 2.0’ turnaround plan, the company faced insurmountable hurdles. As a result, they’re now in the process of shutting down. The firm has committed to offering two months of severance pay and outplacement support to the affected employees.
Expressing surprise, an employee revealed that the workforce was caught off guard by the abrupt decision. Many are now actively seeking alternative job opportunities outside the company.
ZestMoney’s struggles echo broader challenges within the fintech sector. Last year, the Reserve Bank of India imposed restrictions on non-bank institutions and fintech companies, disallowing credit lines on prepaid payment instruments like wallets and prepaid cards, impacting various ‘buy now, pay later’ services.
Earlier attempts to salvage ZestMoney’s future included discussions with UPI provider PhonePe for acquisition. However, the deal fell through, resulting in layoffs of a hundred employees last year. Disagreements on valuation led to the cancellation of the acquisition plan.
As ZestMoney navigates its shutdown, it marks a significant turn for the once-prominent BNPL platform amidst evolving regulatory landscapes and operational challenges within India’s financial technology sector.
Sources By Agencies
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