ZestMoney, a Buy Now Pay Later (BNPL) startup, is shutting down its operations, affecting around 150 employees. The decision follows unsuccessful acquisition attempts by PhonePe, a larger peer, earlier this year. PhonePe's due diligence process did not meet its standards, leading to the deal's cancellation. Despite Walmart-owned PhonePe hiring some of ZestMoney's employees, the startup's co-founders stepped down, and a new leadership team was appointed. ZestMoney faced financial challenges, with losses increasing from Rs 125.83 crore in FY21 to about Rs 398.82 crore in FY22.from BNPL startup ZestMoney to shut down https://ift.tt/WCzvMpJ https://ift.tt/yO6YAIM
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