ZestMoney is a shopper lending fintech firm in India based by Lizzie Chapman, Priya Sharma and Ashish Anantharaman in 2015.
ZestMoney has promised to pay a month’s wage as severance and different advantages like insurance coverage and psychological well being help
Goldman Sachs-backed ZestMoney will lay off 100 workers, or about 20 per cent of its workforce, weeks after its talks with PhonePe for a sale fell via, in line with a Moneycontrol report. It is a component of the corporate’s enterprise continuity and survival plan.
The founders and prime management crew of ZestMoney held a Townhall on April 6 to tell the layoffs to workers. The firm had about 450 workers and is planning to put off throughout departments.
“As half of its enterprise continuity plan, the corporate is shedding 100 individuals. The firm has promised to pay a month’s wage as severance and different advantages like insurance coverage and psychological well being help,” said an employee on the condition of anonymity, according to the Moneycontrol report.
The report also said that Priya Sharma, co-founder of the BNPL platform, earlier also sent out a message to a few startups seeking help for outplacing ZestMoney employees.
Sources also said that PhonePe is looking to absorb as many as 200 employees from ZestMoney. “There are talks happening regarding hiring some talent from ZestMoney by PhonePe but nothing has been decided yet,” stated a supply near the event.
Last week, fintech firm PhonePe cancelled its plan to accumulate ZestMoney. Fintech firm PhonePe has cancelled its plan to accumulate ZestMoney. This is a large setback for the buy-now-pay-later firm. In November final yr, it was stated that PhonePe will purchase ZestMoney in a deal pegged at $200 million-$300 million.
ZestMoney is a shopper lending fintech firm in India based by Lizzie Chapman, Priya Sharma and Ashish Anantharaman in 2015.
Read all of the Latest Business News right here
