wordpress blog stats
Connect with us

Hi, what are you looking for?

ZestMoney raises $13.4 M in an extended Series A

Fintech startup ZestMoney has raised $13.4 million in an extension of its Series A round of funding led by Xiaomi. Existing investors Omidyar Capital, PayU and Ribbit Capital also participated in the round. Last year the company raised $6.5 million in its original Series A funding led by PayU. In October 2015, it raised $1.7 million.

ZestMoney will use the funding to strengthen its technology and data science capabilities as well as expand use cases for the core ZestMoney Affordability Product. It will expand into travel and healthcare sectors, as well as create additional flexible credit products.

Founded in 2015 by Priya Sharma, Lizzie Chapman and Ashish Anantharaman, ZestMoney offers real-time credit approval and enables users to open accounts instantly with banks providing loans. Users can then avail equated monthly instalments (EMI) to make purchases without having to use a credit card. The company says that it uses artificial intelligence and machine learning technology to do risk profiling of e-commerce consumers who opt for the EMI payment option. ZestMoney has partnered with Amazon, Flipkart, Myntra, MakeMyTrip among others to offer these facilities.

Last year, it partnered with Xiaomi to launch Mi Finance, which enables customers to afford Xiaomi products via a cardless EMI. Earlier this month, it acquired PhotographAI, an artificial- intelligence-as-a-service platform for an undisclosed amount.

ZestMoney claims to get 3 lakh applications per month and process more than Rs 3 crores disbursals in a day. It is currently approving a loan every 7 seconds ranging from Rs 129 to Rs 4 lakhs and targets a run rate of Rs 3,000 crore disbursal by December 2018, it said in a statement.

Advertisement. Scroll to continue reading.


The digital lending space is extremely competitive with players like NeoGrowth, CapitalFloat, PaySense, Paytm-backed CreditMate, CASHe, LendingKart, MoneyTap, EasySalry, Faircent, LoanMeet amongst others. Last month, digital payments company MobiKwik also announced the launch of a new service that will offer instant loans of Rs 5000 on its application.

In regards to speculated launches, California-based fintech company Tala said that it was also bringing its lending app to India. Reports claimed that Flipkart is all set to enter the financial services space with a focus on offering credit and insurance products to both consumers and sellers on its platform. Paytm is also reportedly trying to enter the lending space and is seeking a licence from the central bank to become a peer-to-peer lending platform.

Written By

MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.



When news that Walmart would soon accept cryptocurrency turned out to be fake, it also became a teachable moment.


The DSCI's guidelines are patient-centric and act as a data privacy roadmap for healthcare service providers.


In this excerpt from the book, the authors focus on personal data and autocracies. One in particular – Russia.  Autocracies always prioritize information control...


By Jai Vipra, Senior Resident Fellow at Vidhi Centre for Legal Policy The use of new technology, including facial recognition technology (FRT) by police...


By Stella Joseph, Prakhil Mishra, and Yash Desai The Government of India circulated proposed amendments to the Consumer Protection (E-Commerce) Rules, 2020 (“E-Commerce Rules”) which...

You May Also Like


Rajesh Kumar* doesn’t have many enemies in life. But, Uber, for which he drives a cab everyday, is starting to look like one, he...


By Aroon Deep and Aditya Chunduru You’re reading it here first: Twitter has complied with government requests to censor 52 tweets that mostly criticised...


135 job openings in over 60 companies are listed at our free Digital and Mobile Job Board: If you’re looking for a job, or...


Google has released a Google Travel Trends Report which states that branded budget hotel search queries grew 179% year over year (YOY) in India, in...

MediaNama is the premier source of information and analysis on Technology Policy in India. More about MediaNama, and contact information, here.

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ

Subscribe to our daily newsletter
Your email address:*
Please enter all required fields Click to hide
Correct invalid entries Click to hide

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ