ZestMoney, a troubled fintech business, is said to have secured $5 to $7 million from a number of investors, namely Quona Capital, a current backer.
Zip, Omidyar Network India, Flourish VC, and Scarlet Digital also took part in the most recent fundraising round, ET reported.
ZestMoney did form a new board of directors to guide the finance business after its three co founders and senior executives, Lizzie Chapman, Priya Sharma, and Ashish Anantharaman, resigned. At the BNPL startup, Mohit Chhajer, Mandar Satpute, and Abhishek Sharma assumed positions of authority, as reported by Inc42.com.
The problematic fintech startup claimed it is concluding a capital round from its existing owners, including companies like Quona Capital, Zip, Omidyar Network India, Flourish VC, and Scarlet Digital, at the same time that it announced new leadership.
ZestMoney, a Bengaluru-based company, was founded by Lizzie Chapman, Priya Sharma, and Ashish Anantharaman in 2015. Users are given the option to pay their purchase expenses in three installments with 0% interest. It competes in the national BNPL market with companies including Simpl, LazyPay, and ePayLater.