Fire Sale Talks: DMI Finance and Aditya Birla Finance Eye Acquisition of Fintech Startup ZestMoney”
In a potential game-changing move, non-banking finance companies DMI Finance and Aditya Birla Finance are currently in discussions to acquire Bengaluru-based fintech startup ZestMoney in what could be a firesale. While negotiations are ongoing, deal may be imminent.
Aditya Birla Finance and DMI Finance, both existing partners of ZestMoney, have thoroughly examined the financial records of the lendingtech startup. The prospective buyers are not only interested in acquiring ZestMoney’s technology platform but are also contemplating taking control of the startup’s loan book, valued at around INR 400 Cr.
ZestMoney, recognized for its BNPL services, faces an impending shutdown by the end of December, accompanied by the unfortunate layoff of its entire 150-member workforce. The startup’s struggles began earlier this year, marked by the departure of its original co-founders and failed acquisition talks with fintech major PhonePe. Despite having raised over $130 Mn from esteemed investors, ZestMoney’s journey seems to be reaching a decisive crossroads.