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.
Bengaluru-based ZestMoney has announced plans to lay off around 100 of its employees, or roughly 20% of its workforce, as part of its business continuity and survival plan. The move comes weeks after the company s acquisition deal with PhonePe fell through.
Nigam’s comments on the ZestMoney deal falling through were the first official acceptance of the acquisition deal by PhonePe, which it was evaluating since last year and was first reported in November 2022. Both PhonePe, and ZestMoney had stayed away from commenting on it officially
The deal between Walmart-backed PhonePe and Zest Money is off. The company s board and investors were made privy to the development over the last few days