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DMI Group acquires BNPL startup ZestMoney in a fire sale deal

Money Control · 1y

NBFC DMI Finance has acquired Buy Now Pay Later startup ZestMoney in a fire sale deal. The move strengthens DMI Group's commitment to customer-centric financial solutions and opens up new possibilities for seamless checkout finance tools. The Walmart-backed fintech decacorn PhonePe was previously in talks to acquire ZestMoney, but backed out due to issues with due diligence. ZestMoney faced difficulties without PhonePe's involvement, leading to layoffs and eventual shutdown. However, DMI Finance has assured that all existing employees will remain with the company.