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HomeBankingIndia’s DMI Group snaps up BNPL fintech ZestMoney

India’s DMI Group snaps up BNPL fintech ZestMoney

Date:

  • ZestMoney Acquisition by DMI Group:
    • Indian BNPL start-up ZestMoney acquired by DMI Group in a fire sale.
    • Deal grants DMI Group brand rights and positions DMI Finance as the preferred lender on Zest’s platform.
    • DMI expands its product suite with Zest’s checkout financing platform.
  • ZestMoney’s Troubled Journey:
    • ZestMoney faced difficulties, leading to reports of closure in December.
    • Once valued at $450 million, ZestMoney struggled to find a buyer or raise additional capital.
    • Previous attempts at acquisition, including one by PhonePe, fell through in April 2023.
  • Challenges for ZestMoney:
    • Difficulty raising new capital and concerns over business model and debt liability.
    • Failed acquisition by PhonePe led to the departure of all three original founders in May.
  • DMI Group’s Strategic Move:
    • DMI Group aims to widen engagement with customers and expand its fintech merchant network.
    • Shivashish Chatterjee sees the takeover as a crucial step in providing digital financial inclusion at scale across India.
  • Financial Details undisclosed:
    • The financial terms of the ZestMoney acquisition by DMI Group have not been disclosed.

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