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DMI Group acquires BNPL startup ZestMoney in a fire sale deal
Money Control
·
1y ago
Medial
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.
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DMI Group buys troubled BNPL startup ZestMoney in a fire sale deal
IndianStartupNews
·
1y ago
Medial
Indian financial company DMI Group has acquired the troubled 'buy now, pay later' startup ZestMoney in a fire sale deal. This acquisition will expand DMI's reach in digital finance, housing finance, and asset management. Despite facing significant challenges, including founder resignations and failed acquisition attempts, ZestMoney's existing employees will reportedly remain with the company following the acquisition. DMI aims to integrate ZestMoney's checkout financing platform into its offerings to enhance customer and merchant engagement.
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DMI, Aditya Birla Finance in race to scoop up ZestMoney in firesale
Economic Times
·
1y ago
Medial
Non-banking finance companies DMI Finance and Aditya Birla Finance are in talks to acquire fintech lending startup ZestMoney. The startup, which offered buy-now-pay-later loans to customers, recently informed its employees about plans to shut down due to a withdrawal of debt lines from lending partners. The lenders are interested in acquiring ZestMoney's technology platform and taking over its loan book, which amounts to around Rs 400 crore. The deal is expected to be finalized soon. Both DMI Finance and Aditya Birla Finance have a strong partnership model with fintech startups and are looking to collect outstanding dues from ZestMoney customers.
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Exclusive: Snapmint set to raise $40 Mn led by General Atlantic
Entrackr
·
28d ago
Medial
Exclusive: Snapmint set to raise $40 Mn led by General Atlantic Buy now pay later startup Snapmint is negotiating a new funding round to the tune of $40 million, according to sources aware of the deal. This will be the third funding round for the Mumbai-based startup since March 2022. “General Atlantic is in late-stage talks to lead a new funding round in Snapmint, with participation expected from existing investors as well," said one of the sources, requesting anonymity. Six months ago, Snapmint raised $18 million in a mix of debt and equity, led by Prashasta Seth (Prudent Investment Manager), with participation from Perpetuity Ventures and Pegasus Fininvest. Prior to that, it had concluded a $21 million Series A round in August 2022. Its investors also include Kae Capital, 9 Unicorns, Anicut Capital, and Negen Capital. Founded in 2017 by Nalin Agrawal, Anil Gelra, and Abhineet Sawa, Snapmint offers access to credit by allowing shoppers to buy mobiles, electronics, health and wellness, kitchen and homes, and many other items. The company’s digital platform Nimbus offers customized and easy-to-access solutions to its partners and helps them increase both sales figures and customer numbers. The company attributes much of its growth to D2C brands using Snapmint’s installment payment options. “The terms of the deal have been finalized, valuing the company in the range of Rs 1,300–1,400 crore ($150–160 million). The investment is expected to be completed within a few weeks,” said another source, requesting anonymity as the talks are private. General Atlantic and Prudent declined to comment on the story. Queries sent to Snapmint did not elicit a response until the publication of this story. According to startup data intelligence platform TheKredible, Snapmint posted Rs 88.56 crore in revenue in FY24 against Rs 79.75 crore in FY23. The company’s loss remained flat at Rs 33.64 crore in FY24 compared to Rs 32.98 crore in the previous fiscal year. Its FY25 results have yet to be reported. In the BNPL space, Snapmint competes with Axio (formerly Capital Float) and ZestMoney. While ZestMoney was acquired by DMI Group in a fire sale in January last year, Axio is all set to be taken over by e-commerce giant Amazon.
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Backed by Jio platforms, ZestMoney founders launch SwiffyLabs
OutlookIndia
·
1y ago
Medial
Lizzie Chapman and Ashish Anantharaman, founders of Buy Now Pay Later firm ZestMoney, have launched a new B2B fintech startup called SwiffyLabs. Backed by Jio Platforms, the company aims to build infrastructure for banks and financial institutions, focusing on introducing modern products like embedded finance and invoice financing using advancements in AI and digital public infrastructure. This launch comes after ZestMoney shut down its operations amid regulatory discrepancies and failed acquisition discussions with fintech major PhonePe. Talks for DMI Finance and Aditya Birla Finance to acquire ZestMoney are currently underway.
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Fintech start-up ZestMoney gets an acquisition offer over LinkedIn
Business Today
·
1y ago
Medial
Ashwin Bhambri, founder of KreditPE, expressed interest in merging and running ZestMoney, a recently shut down BNPL start-up, in a LinkedIn post. Bhambri believes that KreditPE can revive ZestMoney and make it even more successful than PhonePe. The proposed merger could also lead to the creation of a postpaid UPI wallet service, which Bhambri believes would attract a larger audience in India. ZestMoney's investors include Omidyar Network India, Goldman Sachs Investment Partners, and Naspers, among others.
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Funding and acquisitions in Indian startups this week [15-20 Jan]
Entrackr
·
1y ago
Medial
This week, Indian startups raised a total of $178 million, with two growth-stage and 22 early-stage deals. The funding included investments in startups such as Wow! Momo, OneCard, International Battery Company, StockGro, and FinAGG. Bengaluru-based startups led the city-wise funding deals, followed by Delhi-NCR and Mumbai. Series A stage deals dominated the funding, with 10 deals, followed by pre-Series A, pre-seed, and seed stage deals. Four acquisitions also took place this week, including Cured by Innovaccer, Clientjoy by Synup, ZestMoney by DMI Group, and Kyndi by Qlik.
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MUFG Bank doubles down on its investment in DMI Finance
VCCircle
·
10m ago
Medial
MUFG Bank, a subsidiary of Mitsubishi UFJ Financial Group, has invested Rs 2,798 crore ($333 million) in DMI Finance, the non-banking lending arm of the DMI Group. This brings MUFG's total investment in DMI Finance to Rs 4,712 crore ($561.3 million). DMI Finance offers various loan products and operates through digital channels, serving customers of platforms like Samsung, Google Pay, and Airtel. The company claims to have a customer base of 25 million and disbursed loans worth $2.25 billion in the last financial year. MUFG Bank sees potential in DMI Finance's expansion in the consumer finance space.
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Fintech startup BharatX acquires Zenifi
Entrackr
·
1y ago
Medial
Y-Combinator-backed BNPL fintech startup BharatX has acquired Zenifi, a healthcare finance startup providing zero-cost and low-cost EMI solutions. As part of the deal, Padam Kataria, the co-founder CEO, Zenifi will join BharatX as the head of business – healthcare. Founded in 2023 by Padam Kataria, Harshit Shrivastava, and Rajendra Kulkarni, Zenifi provides zero cost and low cost EMI’s to improve conversion rates for healthcare providers. It has tied up with multiple hospitals and aggregators, generating an annual rate of demand worth over Rs. 1.2 crore. After being a part of BharatX, Zenifi team can use the pre-existing lending platform and realise better economics. And this acquisition will allow BharatX to break into the healthcare sector. With the acquisition, BharatX will be entering the medical lending segment. BharatX enables financing options for over 125 brands in white-labled manner. In the past five quarters, it claims to have grown 33X and have raised more than $4.7 million till date. The startup also claims to have disbursed credit to more than 200,000 users till now. BharatX recently announced partnerships with Cashfree, a payment gateway, alongside existing partnerships with brands such as Flo mattress, Snitch, and Mokobara.
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3one4 Capital-Backed Wint Wealth Acquires Ambium
Inc42
·
1y ago
Medial
Bengaluru-based fintech startup Wint Wealth Group has acquired a majority stake in Chandigarh-based non-banking financial company (NBFC) Ambium Finserve. The deal, which has received approval from the Reserve Bank of India, provides Wint Wealth Group with an NBFC license. Ambium Finserve has started wholesale lending operations under the brand name Wint Capital, focusing on lending to growth-stage NBFCs for onward lending. Wint Capital's loan book is expected to grow to INR 500 crore by the end of 2024. Wint Wealth Group, founded in 2020, helps customers navigate fixed deposits, corporate and sovereign gold bonds, and bond baskets.
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MUFG Bank-backed DMI Finance expands leadership team
VCCircle
·
8m ago
Medial
DMI Finance has expanded its leadership team with the addition of two senior executives. Niraj Khandelwal has been appointed as group chief financial officer and Rachit Gupta as group treasury head. Khandelwal will oversee finance, accounting, and taxation functions, bringing over 26 years of experience in banking and financial services. Gupta will be responsible for fundraising, investments, and liquidity management, having held senior positions at financial institutions such as Sumitomo Mitsui Financial Group and Edelweiss Financial Services. DMI Finance offers a range of financial services and has raised over $1.5 billion in capital.
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