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  • Screencapture Inc42 Features What Broke Zestmoney How Indias BNPL Poster Child Lost Its Zest 2023 06 08 13 - 38 - 09

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    screencapture-inc42-features-what-broke-zestmoney-how-indias-bnpl-poster-child-lost-its-zest-2023-06-08-13_38_09

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    Screencapture Inc42 Features What Broke Zestmoney How Indias BNPL Poster Child Lost Its Zest 2023 06 08 13 - 38 - 09

    Uploaded by

    Abcd123411

    Copyright:

    © All Rights Reserved
    Download as PDF or read online from Scribd
    Flag for inappropriate content
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    of 8
    ia's BNPL Poster Child Lost Its What Broke ZestMoney - How In Zest he ext of ts founders. Canitrise again? ‘Shika (name changed upon request) a mid senior level employee at ZeskMoney, once 2 leading buy-nowpayater(BNPL) itech startup, eagery anticipated some postive news {around appraisals in Api his year However the HR department's ination ta own hall meeting brought an unexpected tum of evens. During the bie sie minute meeting, which was inated by former CEO Lzie Chapman, ‘Shika and her colleagues were taken aback when they leer i could be their lost, ‘gathering athe company. Chapman announced tat ZestMoney would need to resulting inthe termination of nearly 100 employees, due tothe ‘annulment of the “Itwas the shortest town hall in ZestMoney's history, followed by one of the most disorganised and unprofessional layoff exercises,” Shikha, the former ZestMoney employee said, ‘She further mentioned thatthe whispers bout the company's struggles another sss, including» cash crunch suddenly started making sense, The employees were le to ede ‘the consequences as ZestMoney's dream of 2 $300 Mn aquisition fll apart. | pr the lates updates top sources told nct2 that the allng BNPL fs largestnon- promoter shareholder Pay has aso stopped incegravon of ts payment gateway services lth the Zesttoney, which has impacted the BNPL fs EM business revenues fom the ‘mojo ecommerce marketplaces. Besides, we were tld, many lenders have revoked ther partnership wth ZstMoney, and ‘the BNPL frm’ endeavour to forge new allances with banks and NBFCS have filed to bear any fut "No endorsements here, but ZestMone’s journey was beter than this when I started out ‘Te inte’ path to succes once stood synonymous with Inia’ tryst with the BNPL ‘mathe, which witnessee significant growth during the pandemic. AS newage companies lured young Indians with the option to make purchases and repay them in no-

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