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ZestMoney , a buy now , pay off later startup whose power to insure small ticket loan to first - prison term internet customers attracted many high - profile investor , including Goldman Sachs , is shut down following abortive effort to discover a vendee .
The Bengaluru - headquarter startup — which also identified PayU , Quona , Zip , Omidyar connection and Ribbit Capital among its backer — employed about 150 multitude and had raised over $ 130 million in its eight - year journeying .
The startup ’s new leadership , which inform the employee about the decision to close down Tuesday , did n’t respond to a request for comment . The inauguration will fully wind down by the end of the month , the leadership pronounce . Moneycontrolfirst reportedthe development .
The move watch over ZestMoney foundersquitting the startup in May this yearafter acquisition public lecture with fintech behemoth PhonePe did n’t materialize . The founding squad handed over the firm to three new leaders , who raise a few million dollars from exist investors and attempted to find a raw itinerary for the fellowship .
They betroth with many investor and fintech giants in recent months to explore deals , people conversant with the issue say .
ZestMoney , oncevalued at $ 445 million , wasamong a handful of Indian startup that used substitute data points to help build credit profiles on consumers , making them eligible to make their first online purchases .
India ’s low credit wag insight has left a bulk of the universe without traditional credit scores , which banks rely on to measure creditworthiness before come forth loan . Furthermore , minuscule loans do not give way pregnant returns for banks , disincentivizing them from come out such fiscal products . In response , ZestMoney , alongside other emerging startup like Axio and LazyPay , has seek to carve out a corner in a market traditionally master by fiscal giant Bajaj Finance .
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Tuesday ’s newsworthiness is the second blow for Omidyar web this week . Omidyar - backed Doubtnut — which had raised over $ 50 million and once received a $ 150 million acquisition peck — fit to sell for $ 10 million , TechCrunch reported Monday .