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Goldman Sachs-backed ZestMoney, once valued at $450M, sold to DMI in fire sale
ZestMoney, the Goldman Sachs-backed Indian fintech startup once valued at $450 million, has sold itself to financial services firm DMI Group, the two said ZestMoney, the Goldman Sachs-backed Indian fintech startup once valued at $450 million, has sold itself to financial services firm DMI Group in a fire sale.
ZestMoney, the Goldman Sachs-backed Indian fintech startup once valued at $450 million, has sold itself to financial services firm DMI Group, the two said late Wednesday, in a fire sale that caps 12 tumultuous months for the once-hot new age lender. The two firms didn’t disclose the terms of the deals, but a person familiar with the situation said the acquisition is largely a way for DMI to poach and retain talent and that every investor in ZestMoney lost money. News about the acquisition follows ZestMoney — a buy now, pay later platform whose ability to underwrite small ticket loans to first-time internet customers attracted many high-profile investors — announcing last month that it would be shutting down the startup.
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