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ZestMoney, the buy-now-pay-later concept has been pulling up and firms offering these services have been receiving great benefit in the form of interest from growth-stage investors. After KreditBee, and ZestMoney is now in top discussions to raise $80 to 100 million round from existing and new investors, stated by the people aware of the matter.
One of the spolerperons said- Existing investors namely Prous and Ribbit are multiplying their stake in ZestMoney and investing more and more. Whereas, new investors are also likely to join the round which could go up to $100 million funds”.
The last funding round was done in december 2019, which raised $15 million in an extended Series B, and in 2021 another series round has come.
Another statement by the person who knows about the matter said- “The talks are beyond the preliminary stage and the firm is finalizing terms”.
Moreover, the spokesperson wished to keep the further information as private.
ZestMoney is a venture which allows consumers to purchase products, and to pay later across different categories. The firm claims high-end smartphones, fashion, large appliances, electric vehicles, travel, edtech are some of the most demanding categories in the last year.
Currently, the solution and service is available across 15,000 online stores. The firm had also partnered with UPI payments application Google Pay for instant credit and fast payments.
The concept of buy-now-pay-later is came into action more, when millennials starting opting for short-term credit to purchase lifestyle goods and other services. There as several companies namely EarlySalary, LazyPay, and Slice, KreditBee, and ZestMoney have arose as the leading firms in this sector.
As per the Fintracker report, ZestMoney had operating revenue of INR 72.40 crore with a total expense of INR 256.47 crores in FY20.
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