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NEW DELHI: Purchase now Pay Later (BNPL) startup ZestMoney has determined to close operations. The transfer will impression some 150 workers of the agency, the corporate’s administration knowledgeable workers in a city corridor on Tuesday.
ZestMoney didn’t remark. It’s learnt that the agency will shut down by the top of this month.
The transfer comes after makes an attempt by the Bengaluru-based startup to get acquired by bigger peer PhonePefailed.The deal was known as off earlier this yr after a due diligence course of undertaken by PhonePe whereas evaluating the potential acquisition failed to fulfill its bar. The Walmart-owned fintech main had, nonetheless, employed some 130 of ZestMoney’s workers.
Following the failed acquisition, the startup’s three co-founders Lizzie Chapman, Priya Sharma, and Ashish Anantharaman had stepped down from day-to-day operations and had appointed a brand new management staff consisting of Abhishek Sharma, Mandar Satpute, and Mohit Chhajer. In August, the startup claimed to have raised some cash from traders however its efforts to revive the agency’s operations failed.
Based in 2015 by Lizzie Chapman, ZestMoney’s losses shot as much as about Rs 398.82 crore in FY22 from Rs 125.83 crore in FY21 on a standalone foundation, based on filings sourced from enterprise intelligence platform Tofler.
ZestMoney didn’t remark. It’s learnt that the agency will shut down by the top of this month.
The transfer comes after makes an attempt by the Bengaluru-based startup to get acquired by bigger peer PhonePefailed.The deal was known as off earlier this yr after a due diligence course of undertaken by PhonePe whereas evaluating the potential acquisition failed to fulfill its bar. The Walmart-owned fintech main had, nonetheless, employed some 130 of ZestMoney’s workers.
Following the failed acquisition, the startup’s three co-founders Lizzie Chapman, Priya Sharma, and Ashish Anantharaman had stepped down from day-to-day operations and had appointed a brand new management staff consisting of Abhishek Sharma, Mandar Satpute, and Mohit Chhajer. In August, the startup claimed to have raised some cash from traders however its efforts to revive the agency’s operations failed.
Based in 2015 by Lizzie Chapman, ZestMoney’s losses shot as much as about Rs 398.82 crore in FY22 from Rs 125.83 crore in FY21 on a standalone foundation, based on filings sourced from enterprise intelligence platform Tofler.
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