Following the resignation of all three of the company’s founders, India-based fintech company ZestMoney announced it is finalizing a new funding round from current shareholders.
ZestMoney announced that it anticipates receiving fresh funding in the “next few weeks” from investors including Flourish VC, Quona Capital, Zip, Omidyar Network India, and Scarlet Digital.
The business has also unveiled a new leadership team to take the place of the three co-founders, which includes senior vice president of growth Abhishek Sharma, chief banking officer Mandar Satpute, and vice president of finance Mohit Chhajer. According to ZestMoney, the change in leadership will happen over the next three to four months.
One of India’s first and biggest providers of digital EMIs, according to the company. According to TechCrunch, the company, which was founded in 2015, was valued at US $445 million in 2017.
In a LinkedIn post, departing CEO Lizzie Chapman stated that she and the other two founders will continue to hold a “significant” stake in the business.
These developments follow the alleged collapse of an acquisition agreement with PhonePe because ZestMoney did not adhere to due diligence requirements. After that, in April, the startup let go of over 100 employees, or 20% of its workforce.
