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Once valued at $450 Mn, ZestMoney to shutdown by Dec-end, lay off 150 employees

Inc42 · 1y

Fintech startup ZestMoney is set to shut down by the end of December, laying off its entire workforce of 150 employees. Despite efforts by the new management to revive the company, it failed to secure additional funding or find a buyer. The shutdown comes after the original co-founders left earlier this year, and the company struggled with mounting losses and loan defaults. ZestMoney had raised over $130 million in funding and reached a valuation of $445 million at its peak. This announcement adds to the list of Indian startups that have shut down in 2023.