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ZestMoney Ceases Operations, Lays Off Entire Workforce Amid Funding Challenges

FinTechZestMoney Ceases Operations, Lays Off Entire Workforce Amid Funding Challenges
Fintech startup ZestMoney is closing down operations by December, leading to the layoff of its entire 150-member workforce. Despite attempts by the new leadership to revive the company, it couldn’t secure additional funding or find a buyer. The shutdown follows the departure of ZestMoney’s original cofounders in May, triggered by unsuccessful acquisition talks with PhonePe. Once valued at $445 million, ZestMoney faced challenges like increasing losses and loan defaults. In FY22, losses tripled to INR 398.8 crore, while revenues rose 1.6 times to INR 145 crore. This closure adds to the series of shutdowns in the Indian startup ecosystem in 2023, involving 15 major startups that collectively burned $85 million in investor capital.

By FCCT Editorial Team freeslots dinogame telegram营销

Disclaimer: The views expressed in this article are independent views solely of the author(s) expressed in their private capacity.

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