Company Profile is an initiative by StartupTalky to publish verified information on different startups and organizations. The content in this post has been approved by ZestMoney.
Many times in our life, we just need a small financial push to realize our dreams or fulfill our needs. In today's organized money market, we turn to banks and other financial institutions for getting credits for various purposes. However, its not always easy to get a loan. From documentation to your current income and credit history there are lots of parameters that you need to fulfill to get a credit.
Thankfully, the scenario is changing now, and many financial and fintech startups are coming up with innovative ways to make borrowing easy and quick for customers.
Bangalore-based ZestMoney is one such fintech startup that is making borrowing possible for people who have insufficient credit history. People can get quick and easy loans and pay for products with ZestMoney Easy EMI.
Let's know more about this startup that is making life easy for millions of Indian's by providing easy access to credit.
ZestMoney – Company Highlights
|Founders||Lizzie Chapman, Priya Sharma, Ashish Anantharaman|
|Parent Organization||Camden Town Technologies Private Limited|
ZestMoney is a platform that uses mobile technology, digital banking and Artificial Intelligence to make getting loan easy. While many lending organizations hesitate to lend money in the absence of proper credit history, ZestMoney is the platform that do not see absence of credit history as a barrier in getting a loan. ZestMoney through its AI-based machine learning decision engine, creates a risk profile for every borrower. The ones who do not have sufficient credit history, just needs to provide some additional information based on which ZestMoney's Decision Engine analyzes the credibility of the borrower and lends him money.
The products of ZestMoney includes 'credit limit', also called ZestMoney EMI and personal loan. To be able to access the ZestMoney Credit Limit, one just has to sign up with ZestMoney and complete the KYC process. Once approved, a user is assigned a credit limit based on his eligibility, and the user can use this credit limit to make payments to ZestMoney's 3000+ merchant partners. ZestMoney has partnered with leading brands from different categories like Amazon, Flipkart, Myntra, SleepyCat, Xiaomi, NestAway, UpGrad and many more.
The company's lending partners include DMI Finance, Fox Capital, PACE Finance, Northern Arc, SMC Finance, Nahar Credits, InCred, Muthoot Finance, CSB Bank, Ghalla Bhansali, IIFL and Hedge Finance.
ZestMoney offers personal loans only to the customers who are using ZestMoney's 'Credit Limit' service. As such one who wants to take a personal loan from ZestMoney needs to apply for ZestMoney 'Credit Limit' first.
ZestMoney - Founders
ZestMoney Founder trio - Lizzie Chapman from London, Priya Sharma from Delhi, and Ashish Anantharaman from Mumbai, were associated with a UK-based finance company called Wonga.
Lizzie, Priya and Ashish observed that Online Credit Transaction facility was not up to the mark in India. Also getting credit was not easy for those who do not have proper credit history. With their knowledge and experience, they wanted to create a solution to resolve these uses, which led them to start ZestMoney in 2015.
Currently Lizzie Chapman is the CEO of ZestMoney. Priya Sharma is the COO & CFO of ZestMoney, and Ashish Anantharaman is the CTO of the company.
ZestMoney now has over 200 employees.
ZestMoney - Name, Tagline & Logo
The word 'Zest' stands for positive feelings like enthusiasm, zeal and passion, and thus the word 'Zest' in 'ZestMoney' represents the quick lending of money by ZestMoney thus making borrowing money a happy process rather than a matter of concern. The tagline of the company is ‘EMI for zeveryone’.
ZestMoney - Funding & Investors
ZestMoney has raised funding from leading investors like Goldman Sachs, Quona Capital, Alteria Capital, and Primrose. The last, Series C round of funding amounted to $50 mn and was led by Zip Co. Limited and others on September 22, 2021. ZestMoney recorded a valuation of $435 million in the last round that the company has seen.
|September 22, 2021||Series C||$50M||Zip Co Limited|
|December 2019||Series B||$15M||Goldman Sachs|
|April 2019||Series B||$20M||Quona Capital|
|January 2019||Debt Financing||-||Alteria Capital|
|August 2018||Series A||$13.4M||Xiaomi|
|December 2016||Series A||$6.5M||PayU|
|September 2015||Seed||$2M||Nelson Holzner, Omidyar Network|
ZestMoney - Competitors
Finzy, LazyPay, Snapmint, and KredXIndia are some of the major competitors of ZestMoney. ZestMoney continues to grow with its well-built team and processed banking technologies.
ZestMoney - Growth & Future Palns
ZestMoney earns commission from merchant partners, lending partners and also from borrowers. The company has reported that it receives 500,000+ applications a month, and expect the numbers to rise further.
In 2019, the company also had NPS rating of 75, which is higher than that of Amazon and Uber.
Recently, in March 2021, ZestMoney stood second in a ranking of the 50 fastest growing technology companies in India by Deloitte Technology. The rankings were based on percentage revenue growth over three years and ZestMoney grew 2,706 percent in these years.
The operating revenues of ZestMoney surged by 2.7X from Rs 26.7 crore in FY19 to Rs 72.4 crore in FY20, as per the regulatory filings of the company. ZestMoney is yet to file the annual financial statements.
The annual expenses of the company also ballooned by 108.5% to Rs 256.5 crore during FY20 from Rs 123 crore that ZestMoney had spent in total in FY19. Coming to the unit level, the company had to spend nearly Rs 3.54 to earn a single rupee of operating revenue.
The EBITDA margins, which were recorded at -342.2% in FY19, have surely improved for the company to -230.16% in FY20. However, the annual losses, which were Rs 95.4 crore lost in FY19, have nearly doubled to Rs 181 crore in FY20,
The company plans to expand its product development and partnerships with increased run rate in the future. While several ZestMoney Merchant Partners like Xiaomi, Titan and Croma, accept ZestMoney EMI at offline stores, the company is partnering with more such merchants which will allow customers to pay using ZestMoney EMI in more offline outlets.
ZestMoney - FAQ
What is ZestMoney?
ZestMoney is a Bangalore-based Fintech startup that is making borrowing possible for people who have an insufficient credit history.
Who is the Founder of ZestMoney?
Lizzie Chapman, Priya Sharma, and Ashish Anantharaman are founders of ZestMoney.
Who are Competitors of ZestMoney?
Finzy, LazyPay, Snapmint, and KredXIndia are some of the major competitors of ZestMoney.
Who are partners of ZestMoney?
ZestMoney has partnered with leading brands like Amazon, Flipkart, Myntra, SleepyCat, Xiaomi, NestAway, UpGrad, and many more.
Who are lending partners of ZestMoney?
The lending partners of Zestmoney include DMI Finance, Fox Capital, PACE Finance, Northern Arc, SMC Finance, Nahar Credits, InCred, Muthoot Finance, CSB Bank, Ghalla Bhansali, IIFL, and Hedge Finance.
How to pay with ZestMoney?
While payment, you have to choose the EMI option and then Zestmoney EMI.
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