Total amount raised
$106.9 Million
Latest funding date
8/1/2023
Location
ZestMoney has successfully raised funds over 10 rounds, with the latest being a Venture - Series Unknown round. The company is backed by 18 investors, including Scarlet Capital and Zip.
Keep reading to explore the intricacies of ZestMoney's fundraising journey and the investors backing this innovative platform.
What Is ZestMoney?
ZestMoney is a fintech company headquartered in Bangalore, Karnataka, India. It specializes in providing digital EMI solutions without requiring a credit card or credit score. The company operates in the financial services sector, focusing on consumer lending and big data.
Founded by a team of innovators, ZestMoney has grown to employ between 501-1000 people. The company announced it would shut down in December 2023, and in January 2024 DMI acquired exclusive rights to all Zest brands for an undisclosed price.
How Much Funding Has ZestMoney Raised?
- Round Name: Seed
- Amount Raised: USD 2,000,000
- Date: September 2015
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To kickstart operations and develop the initial product offering.
- Round Name: Series A
- Amount Raised: USD 6,500,000
- Date: December 2016
- Lead Investors: PayU GPO
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand the team and scale the platform's capabilities.
- Round Name: Series A
- Amount Raised: USD 13,400,000
- Date: August 2018
- Lead Investors: Xiaomi
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To enhance technological infrastructure and expand market reach.
- Round Name: Debt Financing
- Amount Raised: Not publicly disclosed
- Date: January 2019
- Lead Investors: Alteria Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support operational expenses and maintain liquidity.
- Round Name: Series B
- Amount Raised: USD 20,000,000
- Date: April 2019
- Lead Investors: Quona Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To accelerate growth and expand the customer base.
- Round Name: Series B
- Amount Raised: USD 15,000,000
- Date: December 2019
- Lead Investors: Goldman Sachs
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further scale operations and enhance product offerings.
- Round Name: Series Unknown
- Amount Raised: INR 848,600,000
- Date: March 2020
- Lead Investors: Primrose Hills Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To sustain growth and navigate market challenges.
- Round Name: Series C
- Amount Raised: USD 50,000,000
- Date: September 2021
- Lead Investors: Zip
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand into new markets and enhance technological capabilities.
- Round Name: Debt Financing
- Amount Raised: INR 200,000,000
- Date: June 2022
- Lead Investors: Alteria Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support ongoing operations and maintain financial stability.
- Round Name: Series Unknown
- Amount Raised: Not publicly disclosed
- Date: August 2023
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To stabilize the company and drive towards profitability.
ZestMoney has raised a total of USD 106,900,000. The current valuation is Not publicly disclosed. Two rows stated in INR and two rounds with undisclosed amounts are not included in this total.
Key Investors
- Quona Capital
- Details: Quona Capital is a venture capital firm focused on fintech companies in emerging markets. They aim to improve financial inclusion through strategic investments.
- Investment Focus Areas: Fintech, financial inclusion, emerging markets
- Notable Investments: Konfio, Creditas, Coins ph
- Omidyar Network India
- Details: Omidyar Network India is a social impact investment firm that supports innovative organizations. They focus on creating opportunities for people to improve their lives.
- Investment Focus Areas: Social impact, financial inclusion, education, governance
- Notable Investments: Aspiring Minds, 1mg, Dailyhunt
- Flourish Ventures
- Details: Flourish Ventures is an early-stage venture firm investing in entrepreneurs whose innovations advance financial health and prosperity. They focus on financial health and economic opportunity.
- Investment Focus Areas: Financial health, economic opportunity, fintech
- Notable Investments: Chime, Aspiration, FairMoney
- Zip
- Details: Zip is a global Buy Now, Pay Later (BNPL) company. They provide flexible payment solutions to consumers worldwide.
- Investment Focus Areas: Buy now, pay later services, consumer finance
- Notable Investments: QuadPay, Twisto, Spotii
- Scarlet Capital
- Details: Scarlet Capital is an investment firm involved in ZestMoney's recent funding rounds. Specific details about the firm are not publicly disclosed.
- Investment Focus Areas: Not publicly disclosed
- Notable Investments: Not publicly disclosed
What's Next for ZestMoney?
ZestMoney announced its shutdown in December 2023. In January 2024, DMI acquired exclusive rights to all Zest brands and folded the checkout financing platform into its business. ZestMoney is not raising further funding.
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