Chapman explained how it was critical for fintech businesses to diversify and have different offerings amid rising competition in the space over the last two years. But she said that most of these companies realised that the core lending business is usually the most profitable.
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.
As part of its revival efforts, ZestMoney will shut down its insurance business and affiliate programmes and will shift majority of its focus towards its core business of lending and EMI for consumer goods.
ZestMoney, which once boasted a 500-strong workforce, is now left with roughly 100 employees. Since the failed deal in March, approximately 170 ZestMoney workers have migrated to PhonePe.
Two months after a deal to be acquired by Walmart-owned PhonePe fell through, all three founders of the Bangalore-based digital lending platform ZestMoney have resigned, ..