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ZestMoney , the Goldman Sachs - back Amerindic fintech inauguration once appraise at $ 450 million , has sell itself to fiscal services business firm DMI Group , the two said late Wednesday , in a fervidness sales agreement that cap 12 tumultuous months for the once - hot young - age loaner .
The two firms did n’t let out the term of the deals , but a person intimate with the situation said the acquisition is for the most part a way for DMI to poach and hold back talent and that every investor in ZestMoney lose money .
In a statement , DMI Group say the tidy sum accord it with the exclusive rightfulness to the employment of all Zest brands and make the NBFC arm DMI Finance a preferred lender on the Zest platform . DMI also plans to pop the question its client ZestMoney ’s checkout financing platform . “ DMI will also bring its customer base , counterweight - sheet strength and significant endangerment - management experience to drive growth across Zest ’s on-line and offline merchandiser connection , ” DMI said in a statement .
News about the acquisition follows ZestMoney — a bargain now , pay late platform whose ability to cover little tag loans to first - time net customers attracted many high - visibility investors — declare last month that it would beshutting down the startup .
ZestMoney foundersquit the startup in May last yearafter acquisition talking with fintech giant PhonePe did n’t materialise . The founding team pass on over the business firm to three new leaders , who evoke a few million dollars from existing investors and attempted to find a new path for the ship’s company .
The Bengaluru - headquarter inauguration — which identified PayU , Quona , Zip , Omidyar web and Ribbit Capital among its backer — employed about 150 people and had rear over $ 130 million in its eight - year journey .
“ ZestMoney has been a pioneering supplier of checkout finance in India . We are always look for best - in - class solution to enhance both the appointment with – and the experience of – our customer and merchant pedestal , ” said Shivashish Chatterjee , carbon monoxide gas - founder and joint MD of DMI , in a statement . “ We have been partner with ZestMoney for 8 + old age in various capacities . We securely believe that this acquisition will be an important step in our journey to provide digital financial inclusion at scale across India . ”
