Shadine Taufik · · 2 min readZestMoney to secure new funding after founders resign
ZestMoney founders Priya Sharma (left), Lizzie Chapman (middle), and Ashish Anantharaman / Photo credit: ZestMoney
India-based fintech firm ZestMoney said it is finalizing a new funding round from existing shareholders following the resignation of all three of the firm’s founders.
According to a statement from ZestMoney, it’s expected to receive new funding in the “next few weeks” from investors that include Flourish VC, Quona Capital, Zip, Omidyar Network India, and Scarlet Digital.
To replace the three co-founders, the company has also introduced a new leadership team that includes vice president of finance Mohit Chhajer, chief banking officer Mandar Satpute, and senior vice president of growth Abhishek Sharma. ZestMoney said the leadership transition will take place over the next three to four months.
The company claims to be one of India’s first and largest digital EMI providers. Founded in 2015, the firm was valued at US$445 million last year, according to TechCrunch.
In her LinkedIn post, outgoing CEO Lizzie Chapman said she and the other two founders will remain “significant” shareholders in the company.
These developments come after an acquisition deal with PhonePe reportedly fell through, as ZestMoney failed to meet due diligence standards. Following this, the startup laid off over 100 people or 20% of its workforce in April.
See also: Winners and losers of SG and India’s novel PayNow-UPI linkage
Editing by Thu Huong Le and Jaclyn Tiu
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