ZestMoney, one of India’s first and largest digital EMI provider, has announced that it has appointed a new leadership team consisting of Abhishek Sharma, Mandar Satpute, and Mohit Chhajer and is finalizing a new investment round from its existing shareholders.
The new management team, made up of long-term, senior-level leaders who have helped the company scale since its inception, is expected to continue driving ZestMoney’s growth and expansion in India. The new team comprises experienced professionals, who will bring fresh ideas and perspectives to ZestMoney’s operations. This change is aimed at ensuring that ZestMoney continues its growth momentum and expands in reach while maintaining its position as a leading digital lending platform in India.
Today’s announcement follows the decision of company co-founders Lizzie Chapman, Priya Sharma, and Ashish Anantharaman to step down from day-to-day operations. They will ensure a smooth management transition over the next 3 to 4 months and continue to support the business thereafter as key shareholders.
The company is also finalizing a funding round from existing shareholders, including Quona Capital, Zip, Omidyar Network India, Flourish VC and Scarlet Digital, that is expected to close in the next few weeks. This new capital will support the future growth of the business and finance the path to profitability.
In a statement to employees, Chapman said, “As founders we are proud of what we have built and achieved so far. But we believe that this is the right time to bring in new management to take the company to the next level. We are confident that the new team will drive the company in the right direction and achieve even greater success. As founders, we will provide full support to the incoming management team and do everything we can to assist them for the next four months to ensure a smooth transition.”
The new management team stated “We thank the founders for their immense contribution to the company over the last eight years and look forward to building on their success to make ZestMoney a major player in the Indian financial landscape for years to come”.
Since 2015, ZestMoney has provided affordable credit options to millions of Indians who would otherwise be excluded from traditional banking services. While India’s recently introduced Digital Lending Guidelines (DLG) have presented challenges for some providers in the space, ZestMoney has continued offering its DLG-compliant lending product through more than 10 platform lenders.
“ZestMoney has continued to scale effectively since the DLGs were announced in India, and we have been impressed with the company’s progress,” said Ganesh Rengaswamy, managing partner at Quona Capital. “ZestMoney’s credit quality remains high and the company is close to breakeven. We are happy to support this next chapter for ZestMoney, which promises to be an exciting one on their path to profitability.”
“The opportunity for ZestMoney remains massive,” said Peter Gray, global COO at ZIP. “Less than 4% of Indians have credit cards or access to formal credit. India’s exploding population only points to more opportunity ahead, and we are excited about ZestMoney’s long term potential.” Point of Sale financing is the fastest-growing category of retail lending in India, growing by approximately 25% in the last two years.
With a new management team in place and strong support from investors, ZestMoney is poised to remain a major player in the Indian financial landscape for years to come.
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