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NEW DELHI: Buy now Pay Later (BNPL) startup ZestMoney has decided to shut operations. The move will impact some 150 employees of the firm, the company’s management told employees in a town hall on Tuesday. ZestMoney did not comment. It is learnt that the firm will shut down by the end of this month.
The move comes after attempts by the Bengaluru-based startupto get acquired by larger peer PhonePe failed.The deal was called off earlier this year after a due diligence process undertaken by PhonePe, while evaluating the potential acquisition failed to meet its bar. The Walmart-owned fintech major had, however, hired some 130 of ZestMoney’s employees.
The move comes after attempts by the Bengaluru-based startupto get acquired by larger peer PhonePe failed.The deal was called off earlier this year after a due diligence process undertaken by PhonePe, while evaluating the potential acquisition failed to meet its bar. The Walmart-owned fintech major had, however, hired some 130 of ZestMoney’s employees.
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