05 December 2023
Buy now pay later startup ZestMoney will be shutting down amid regulatory uncertainty and a failed attempt to revive its business under a new management. The management informed employees in a townhall on December 5 that it will be winding down operations and will let go of the remaining 150 employees. It will retain a skeletal legal and finance team to see through the shut down. The move comes months after its founders stepped down, leaving the firm in the hands of investors and a new management. ZestMoney started unravelling after PhonePe called off acquisition talks. ZestMoney was last valued at $450 million. The company said its turnaround plan, dubbed ZestMoney 2.0 or ZeMo 2.0 didn't take off.
Buy now pay later startup ZestMoney will be shutting down amid regulatory uncertainty and a failed attempt to revive its business under a new management. The management informed employees in a townhall on December 5 that it will be winding down operations and will let go of the remaining 150 employees. It will retain a skeletal legal and finance team to see through the shut down. The move comes months after its founders stepped down, leaving the firm in the hands of investors and a new management. ZestMoney started unravelling after PhonePe called off acquisition talks. ZestMoney was last valued at $450 million. The company said its turnaround plan, dubbed ZestMoney 2.0 or ZeMo 2.0 didn't take off.
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