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News on Medial
ZestMoney investors infuse capital months after PhonePe deal fails
Money Control
·
2y ago
Medial
ZestMoney, the fintech startup, has received additional funding from its current investors, including Quona Capital, Omidyar Network India, Flourish Ventures, and Scarlet Capital. This investment follows the collapse of acquisition discussions with PhonePe due to due diligence issues. The departure of ZestMoney's founders in May led to the establishment of a new leadership team.
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ZestMoney to shut ops, lays off 150 employees
Economic Times
·
1y ago
Medial
Fintech startup ZestMoney is shutting down its operations by the end of this month, leading to the layoff of its remaining 150 employees. The company failed to revive its business after acquisition talks with PhonePe fell through in March. ZestMoney, which began as a loan-sourcing platform, had tried to pivot its business model and offer its technology stack as a white-label solution to other fintech lenders and NBFCs after the acquisition talks failed. PhonePe had initially signed a non-binding term sheet to acquire ZestMoney in November last year.
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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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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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From Series C to Seed: The rise and fall of ZestMoney
Entrackr
·
2y ago
Medial
A bruised ZestMoney has managed to live on after an emergency injection of up to $7 million from a group of investors including existing backer Quona Capital last week. The extended lease of life comes after its key investor Prosus wrote off its investment worth $38 million in the firm: a radical move that would have sealed the fate of many startups.
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House lawmaker says US ByteDance investors should urge China to allow TikTok sale
Economic Times
·
1y ago
Medial
A proposed legislation in the U.S. House aims to force China's ByteDance to sell its popular video-sharing app TikTok within six months due to national security concerns. The bill, introduced by Representative Mike Gallagher, would ban TikTok if ByteDance fails to divest. American investors, including private equity firms Sequoia Capital and KKR & Co, would have a stake in the sale. TikTok has criticized the legislation, citing infringement on First Amendment rights and potential harm to small businesses. The bill is set to be voted on this week.
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Flipkart, PhonePe lead tech deal value; AI-powered startups new flavour in town
VCCircle
·
1y ago
Medial
The tech sector in India's startup ecosystem experienced a sluggish overall deal momentum in 2023. However, there was a significant interest from investors in artificial intelligence-driven firms. Flipkart and PhonePe emerged as the leaders in terms of tech deal value. Additionally, AI-powered startups gained popularity and became the new flavor in the town.
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Temasek, Fidelity Infuse $200 Mn Into Lenskart
Inc42
·
1y ago
Medial
Temasek has increased its investment in Lenskart, while Fidelity has joined as a new investor. The transaction valued Lenskart at around $5 billion. Lenskart has received nearly $1 billion in funding in the past 18 months.
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Exclusive: Snapmint set to raise $40 Mn led by General Atlantic
Entrackr
·
1m 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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Zestmoney cofounder Lizzie Chapman quits Reliance-backed Swiffy Labs
Economic Times
·
5m ago
Medial
Swiffy Labs cofounder Lizzie Chapman has stepped down from her role but will continue as an advisor. Swiffy Labs, launched in August 2023 in financial services infrastructure, was backed by Reliance Jio following the closure of ZestMoney, Chapman's previous venture. She is also a partner at Berkeley Square Finance Group, aiding lending firms in capital markets. Chapman’s journey includes leadership roles at ZestMoney and Wonga before Swiffy Labs' establishment alongside Anantharaman.
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