ZESTMONEY TO SHUT DOWN
A91 Partners plans $750m fund; Fashinza, Virgio to return investor capital Happy Monday! Homegrown investment fund A91 Partners is once again upping the size of its latest India-dedicated fund, per sources in the know. Details of this and more in today’s super packed ETtech Morning Dispatch.
11 Mar, 2024, 09.18 AM ISTDMI Group acquires ZestMoney in a fire sale The deal will give DMI the exclusive right to use all brands of ZestMoney, with its non-banking finance company (NBFC) arm DMI Finance becoming the preferred lender on Zest’s platform, it said in a statement on Wednesday.
18 Jan, 2024, 12.17 AM ISTZestMoney posts Rs 412 crore loss for FY23, revenues increase 72% Overall revenue for the buy-now-pay-later platform grew 72% to Rs 250 crore during the year. Total expenses in FY23 also rose 21% year-on-year to Rs 662.2 crore.
03 Jan, 2024, 04.11 PM IST- ADVERTISEMENT
DMI, Aditya Birla Finance in race to scoop up ZestMoney in firesale ZestMoney, which was offering buy-now-pay-later (BNPL) loans to customers at ecommerce and offline checkout points, had around December 5 informed its employees about its plans to shut down by the end of this month. ET wrote on December 7 the compan...
29 Dec, 2023, 06.10 PM ISTETtech Exclusive: Paytm lays off over 1,000 across units amid cost-cutting At least 10% on payroll hit in one of year’s biggest startup layoffs. Paytm spokesperson disputed the number of fired employees, but acknowledged layoffs, pointing out that it intends to save 10-15% of staff costs.
25 Dec, 2023, 05.02 PM ISTStartups’ annus horribilis; and other top tech stories this week Indian startups are closing 2023 with a cloud of uncertainty looming large over them.
09 Dec, 2023, 07.54 AM ISTUnsecured loans in focus, fintechs see NBFC credit taps drying up Large NBFCs like Aditya Birla Finance and Poonawalla Fincorp have informed the fintech startups they do business with that they will no longer provide capital for the highly risky buy-now-pay-later (BNPL) and very small ticket size consumer loans.
08 Dec, 2023, 09.17 PM ISTChill sets in for consumer lending apps; what’s cooking at food delivery platforms? Consumer lending firms are set for difficult days ahead as a central bank diktat on reining in unsecured loans has choked off much-needed credit lines.
08 Dec, 2023, 07.41 AM ISTPaytm scales down small-ticket loan business amid regulatory hurdles This move assumes significance at a time when the Reserve Bank of India has instructed banks and NBFCs to slow down on their unsecured lending business and increase risk weightage on such loans.
07 Dec, 2023, 06.45 PM ISTFintechs’ lending businesses under stress; banks leverage Bharat Billpay In a pointer to tough times ahead, fintechs are finding credit lines for small-ticket unsecured loans drying up following a recent central bank diktat.
07 Dec, 2023, 12.59 PM ISTZestMoney saga highlights drying NBFC credit flow PayU and Goldman Sachs-backed ZestMoney shut down operations, while Paytm decided to scale down its BNPL product Paytm Postpaid. Large NBFCs with significant exposure to consumer lending startups are going cautious.
07 Dec, 2023, 10.35 AM ISTByju’s CEO says will tide over crisis in 45-60 days; BNPL startup ZestMoney to shut down Amid the ongoing cash crunch at Byju’s, founder and CEO Byju Raveendran told senior executives that he is aiming to address the crisis over the next 45-60 days.
07 Dec, 2023, 12.15 AM ISTZestMoney to shut down by December-end, lay off 150 employees ZestMoney employees were informed by CBO Mandar Satpute to start looking for new jobs. Two major NBFCs who were supporting ZestMoney via credit lines withdrew them last week citing RBI's curbs on unsecured loans
06 Dec, 2023, 08.39 AM ISTLifeline for ZestMoney to turn around business as existing backers pump funds The funding comes in the wake of payments major PayU writing off its investment in the company. Last fiscal, PayU’s close to 15% stake in ZestMoney was valued at $38 million.
04 Jul, 2023, 08.22 AM ISTByju’s sighs, in relief; Prosus writes off ZestMoney investment; and BGMI’s India return After a long time, it was Christmas at Byju’s as a US court rejected a plea by its Term Loan B (TLB) lenders to probe a $500-million transfer from the firm’s US-based subsidiary to other entities. Further, Byju’s claimed it had fully paid the provid...
28 Jun, 2023, 09.09 AM ISTLending taps drying up for crisis-hit ZestMoney; Payments Council pings FM for RuPay MDR Troubles seem to be mounting for beleaguered ZestMoney as lenders pull back credit lines, a day after its founders left the company after a failed PhonePe acquisition. This and more in today’s ETtech Morning Dispatch.
17 May, 2023, 08.40 AM ISTTata Neu’s muted first year, PhonePe-ZestMoney deal called off & the week’s top tech stories Hi Digbijay here in Bengaluru. Last month, I was in Mumbai and visited the offices of the newest ecommerce challenger in India –Tata Digital-- which runs the superapp Neu. If you’ve been reading our coverage of one of Tata’s most ambitious projects,...
01 Apr, 2023, 08.53 AM ISTScoop: PhonePe may buy BNPL startup ZestMoney in big consolidation move This comes amid a global reset in the BNPL sector, fuelled by interest rate hikes and an overall squeeze in consumer spending. ZestMoney has been on the block, looking for a buyer as it struggled to raise fresh funds after tech investors turned over...
25 Nov, 2022, 01.01 PM ISTScoop: PhonePe may acquire ZestMoney; Aditya Birla Fashion close to buying Bewakoof; and Koo's new funding round If the transaction goes through, it will be the biggest consolidation in the new-age lending sector, which has of late faced major regulatory roadblocks in India. In September, the Reserve Bank of India introduced a set of rules for online lenders.
25 Nov, 2022, 07.45 AM ISTEyeing those jeans? ‘Buy Now, Pay Later’ in instalments When people did not want to part with cash, the ‘Buy Now, Pay Later’ model found its moment of glory among a host of consumers.
09 Jan, 2021, 10.56 AM IST