ZestMoney founders resign amidst failed PhonePe deal
The founders of Indian fintech company, ZestMoney, have resigned after the company’s planned acquisition by PhonePe fell through. Lizzie Chapman and Priya Sharma, who launched ZestMoney in 2015, had been in talks with PhonePe regarding a possible acquisition, but the deal failed to materialize. As a result, Chapman and Sharma have decided to step down from their roles, with the company appointing a new CEO and CFO.
Company appoints new CEO and CFO
With the departure of Chapman and Sharma, ZestMoney has appointed a new CEO, Sudarshan Ranganath, and a new CFO, Ravi Kathuria, to lead the company. Both Ranganath and Kathuria come with significant experience in the fintech sector, having previously worked with companies such as Flipkart and Axis Bank.
Ranganath has stated that the failed acquisition by PhonePe was a “bump in the road” for ZestMoney, but the company remains focused on achieving its goals. He has stated that ZestMoney will continue to focus on providing affordable and accessible financing to consumers across India, and will work to expand its product offerings in the coming months.
ZestMoney’s previous growth and success
ZestMoney has made significant strides in the Indian fintech market in recent years, providing affordable financing options to millions of consumers across the country. The company has partnered with a wide range of retailers and e-commerce platforms to offer point-of-sale financing options to customers, with loans ranging from Rs. 500 to Rs. 5,00,000.
With its accessible and affordable financing options, ZestMoney has seen significant growth in recent years, with millions of customers availing of its services. The company has also raised significant funding, with its latest funding round in June 2022 raising $150 million.
The impact of the PhonePe deal falling through
The failed acquisition by PhonePe was a significant setback for ZestMoney, with reports suggesting that the deal would have valued the company at over $1 billion. The acquisition would have provided ZestMoney with access to PhonePe’s large user base, and would have allowed the company to expand its offerings beyond point-of-sale financing.
The failed deal has also highlighted the challenges facing the Indian fintech sector, with many companies struggling to achieve profitability amidst intense competition. With PhonePe now looking for new acquisition targets, it remains to be seen what the impact of this failed deal will be on the wider industry.
Looking forward for ZestMoney
Despite the setback, ZestMoney remains committed to its goal of providing affordable financing options to consumers across India. With its new leadership team in place, the company will focus on expanding its offerings and reaching even more customers in the coming months.
The Indian fintech market is set to continue growing in the coming years, with consumers increasingly turning to digital payments and financing options. With its innovative approach to financing and its focus on accessibility, ZestMoney is well placed to capitalise on this trend and become a leading player in the sector.
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