Goldman Sachs-backed ZestMoney, formerly valued at $450M, to cease operations by 2023 end.

• The Buy Now Pay Later (BNPL) startup ZestMoney, once valued at $450 million, is set to conclude its operations by the end of 2023.
• Regulatory constraints and an unsuccessful acquisition deal with PhonePe are believed to be the main reasons behind this decision.
• On December 5th, ZestMoney conveyed the news to its remaining 150 employees, urging them to look for new jobs elsewhere.

The rise of ZestMoney

The previously lauded, Indian Buy Now Pay Later (BNPL) startup, ZestMoney is ceasing its operations by the end of 2023.

On 5th December, ZestMoney communicated the decision to its remaining 150 employees, down from 500.