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Saturday, February 24, 2024

ZestMoney: A 7-year-old startup is closing; PhonePe expressed interest in purchasing; unclear what would happen to the employees

<p>The firm ZestMoney, which was founded seven years ago and provides pay later and buy now services, is about to close. On December 5, the management of the firm notified the staff that it would shortly be closing.</p>
<p><img decoding=”async” class=”alignnone wp-image-297091″ src=”https://www.theindiaprint.com/wp-content/uploads/2023/12/theindiaprint.com-zestmoney-a-7-year-old-startup-is-closing-phonepe-expressed-interest-in-purchasing.jpg” alt=”theindiaprint.com zestmoney a 7 year old startup is closing phonepe expressed interest in purchasing” width=”1162″ height=”873″ title=”ZestMoney: A 7-year-old startup is closing; PhonePe expressed interest in purchasing; unclear what would happen to the employees 6″ srcset=”https://www.theindiaprint.com/wp-content/uploads/2023/12/theindiaprint.com-zestmoney-a-7-year-old-startup-is-closing-phonepe-expressed-interest-in-purchasing.jpg 639w, https://www.theindiaprint.com/wp-content/uploads/2023/12/theindiaprint.com-zestmoney-a-7-year-old-startup-is-closing-phonepe-expressed-interest-in-purchasing-150×113.jpg 150w” sizes=”(max-width: 1162px) 100vw, 1162px” /></p>
<p>Following the news, over 150 workers at a fintech business might lose their employment.</p>
<p>Employees at ZestMoney were aware of anything negative, according to Economics Times. However, they never imagined that the business would shut. Following the event, the staff members began their job search.</p>
<p>Employees of ZestMoney would get two months’ salary.</p>
<p>The workers will get two months’ wages from the firm. Employees, however, warn that they could have to wait a while for this. During the first several years of operation, the firm ran well. But after the founders’ departure, it kept losing money.</p>
<p>PhonePe expressed interest in purchasing ZestMoney.</p>
<p>The founders of ZestMoney had earlier retired, and the management had then assumed leadership. The management was unable to run the business. ZestMoney was going to be acquired by PhonePe only a year ago. However, the two could not come to an agreement, therefore the transaction could not be completed.</p>
<p>Prepaid cards, wallets, and other prepaid payment instruments (PPI) for fintech businesses and non-banking institutions were outlawed in June of this year by the Reserve Bank of India. The Pay Later, Buy Now facilities were badly harmed by the change.</p>

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