ZestMoney
ZestMoney was a Bangalore-based BNPL fintech offering digital EMI financing to Indian consumers without credit cards or credit history, reaching 17M+ users across 75,000+ retail and 15,000+ online merchant partners before shutting down in 2025 following a failed PhonePe acquisition and DMI Group purchase.
- Company typePrivate
- Founded2016
- HeadquartersBangalore, India
- Headcount501–1,000
- GTM typeB2C
- OfferingServices
What ZestMoney does
ZestMoney (legally Glimmer Technologies Private Limited) was a Bangalore-based Buy Now Pay Later (BNPL) fintech founded in 2015–2016 that provided digital EMI financing to Indian consumers who lacked credit cards or formal credit histories. The core product was a mobile-first BNPL/EMI platform accessed through the ZestLife app (iOS and Android), enabling a 3-step onboarding flow (download, KYC, automatic repayment setup) and offering credit facilities up to Rs 2,00,000 repayable in 3, 6, 9, or 12 month tenures. At peak, the company reported 17M+ registered users, a 4.4 Play Store rating, and acceptance at 75,000+ physical retail stores and 10,000–15,000+ online stores spanning fashion (Myntra, Nykaa, Uniqlo, Pepe Jeans), e-commerce (Flipkart, Amazon India), electronics (Apple, Xiaomi, Boat), travel (MakeMyTrip), sports (Decathlon), and healthcare (Apollo Hospitals).
The underlying technology stack combined mobile-first onboarding, digital banking integrations, and AI-powered credit decisioning to underwrite thin-file consumers — a structurally underserved segment of 300M+ Indian households. ZestMoney monetized through three streams: merchant transaction fees on EMI checkouts (with reported 80% AOV uplift and 50% repeat-purchase uplift for merchants), interest charged on EMI plans beyond the Pay-in-3 0% offering, and managed-services economics from lending partners (NBFCs and banks) for whom ZestMoney operated the digital lending infrastructure. Distribution leveraged payment-gateway integrations (Razorpay, Cashfree) enabling 48–72 hour merchant onboarding.
The company was venture-backed across ~$120M+ of disclosed funding, with a $50M Series C led by Australia's Zip Co in September 2021 at a ~$435M post-money valuation. From 2023 onward, ZestMoney entered a sharp decline: a proposed acquisition by PhonePe collapsed, all founders resigned (including CEO Lizzie Chapman), and the company secured only a defensive follow-on round from existing investors. It was acquired by DMI Group in January 2024 and ultimately shut down in 2025, becoming one of the most cited fintech failures in the Indian market.
ZestMoney firmographics
Firmographics- Name
- ZestMoney
- Legal name
- Glimmer Technologies Private Limited
- Website
- https://zestmoney.in
- Company type
- Private
- Founded year
- 2016
- Operating status
- Closed
- Headcount range
- 501–1,000 employees
- Short description
- ZestMoney was a Bangalore-based BNPL fintech offering digital EMI financing to Indian consumers without credit cards or credit history, reaching 17M+ users across 75,000+ retail and 15,000+ online merchant partners before shutting down in 2025 following a failed PhonePe acquisition and DMI Group purchase.
- Ownership category
- akta.pro rank
ZestMoney industry classification
Industry- Product category
- Consumer Lending
- NAICS
- Sales Financing (522220), Credit Intermediation and Related Activities (522)
- SIC
- Personal Credit Institutions (6141)
- akta.pro primary industry
- Merchant-Integrated BNPL (Online Checkout) (FSAKACAA)
- akta.pro secondary industries
- Buy Now, Pay Later (BNPL) Platforms (BPAMAFAG), BNPL for High-Ticket / Longer-Term Installments (FSAKACAN), BNPL Consumer Apps & Wallets (Discovery, Management) (FSAGAIAG)
Keywords
Where ZestMoney is headquartered
LocationHeadquarters
- HQ city
- Bangalore
- HQ country
- India
- HQ region
- Asia
Offices1 record
Markets served
ZestMoney business model
Business model- GTM type
- B2C
- Offering type
- Services
- Cost components
- Technology or R&D, Personnel, Marketing or Sales, Operations
Revenue model
- Transaction Fees from Merchants: ZestMoney charges merchants a fee for processing EMI transactions at checkout. Merchants receive increased AOV (80%) and repeat purchases (50%) in exchange for these fees.
- Interest on EMI Plans: Revenue generated from interest charged on EMI plans (except 0% interest on Pay-in-3 select offerings). Users pay in installments with applicable interest rates based on tenure.
- Lending Partner Partnerships: Platform connects consumers with lending partners, managing credit facilities and repayments on behalf of lending partners for a share of the economics.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Transaction based/ take rate | Monthly | Pay-in-3 (3 month EMI) |
| Transaction based/ take rate | Monthly | 6, 9, 12 month EMI plans |
Go-to-market motion3 records
Distribution channels4 records
Marketing channels5 records
ZestMoney product offering
Product offeringCore offering
ZestMoney operates a Buy Now Pay Later (BNPL) platform that enables Indian consumers to make purchases on Equated Monthly Installments (EMI) without requiring a credit card or credit score. Users receive a personalized credit facility of up to Rs 2,00,000 and can pay in 3, 6, 9, or 12 installments at over 75,000 physical retail stores and 15,000+ online stores. The platform uses AI-powered credit decisioning and partners with lending institutions (NBFCs and banks) to underwrite and manage the credit facilities.
Product overview
ZestMoney operates as a unified BNPL (Buy Now Pay Later) and EMI platform offering. The core product is the ZestMoney BNPL/EMI Platform, which provides installment-based credit facilities through a mobile-first approach. Users access the service via the ZestLife mobile app (available on Android and iOS), which serves as the primary interface for managing credit facilities, KYC verification, and repayments. The platform connects consumers with lending partners to offer personalized credit up to Rs 200,000, enabling purchases at 100,000+ offline and 15,000+ online partner stores across fashion, travel, gadgets, home, and edtech categories. The company leverages mobile technology, digital banking, and AI to assess creditworthiness and manage credit for underserved Indian consumers without credit history.
Differentiator
Problem solved
Functional benefit
Products and services
- ZestMoney BNPL/EMI Platform A Buy Now Pay Later (BNPL) platform that enables consumers to make purchases on EMI without requiring a credit card. Users receive a personalized credit facility of up to Rs 200,000 and can pay in 3, 6, 9, or 12 monthly installments across 75,000+ offline and 15,000+ online partner stores.
- ZestLife Mobile App Mobile application available on Android (Google Play Store) and iOS (Apple App Store) that enables users to apply for a ZestMoney credit facility, complete KYC, make EMI purchases at partner merchants, and manage repayments. The app has 17+ million registered users and a 4.4 rating on Play Store.
Quantifiable outcome
- 80% increase in Average Order Value for merchants on ZestMoney purchases vs other payment methods
- +5 more outcomes
Companies that use ZestMoney
Customer profileNamed customers12 records
Segments3 records
Ideal customer profiles3 records
ZestMoney technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature3 records
ZestMoney partnerships and signals
Strategic signalPartnerships
Eleven partnerships are on record, tiered core.
- MyntracoreFashion e-commerce platform where ZestMoney EMI is offered at checkout for fashion purchases.
- FlipkartcoreMajor Indian e-commerce marketplace offering ZestMoney EMI options to customers.
- Amazon IndiacoreE-commerce platform offering ZestMoney EMI for eligible purchases on Amazon India.
- MakeMyTripcoreTravel booking platform offering EMI options for travel bookings through ZestMoney.
- ApplecoreConsumer electronics brand with EMI offerings available through ZestMoney for Apple products.
- NykaacoreBeauty and cosmetics e-commerce platform with ZestMoney EMI available at checkout.
- XiaomicoreElectronics brand partner offering EMI options through ZestMoney for Xiaomi products.
- BoatcoreAudio and wearable electronics brand with EMI purchase options via ZestMoney.
- DecathloncoreSports retail brand offering ZestMoney EMI for sports and fitness equipment purchases.
- Apollo HospitalscoreHealthcare provider offering EMI payment options through ZestMoney for medical services.
- Payment Gateway PartnerscoreMultiple payment gateway partners enabling merchant integration with ZestMoney. Partners include Razorpay, Cashfree, and other major Indian payment processors that enable 48-72 hour merchant onboarding.
Scale indicators9 records
Recent moves7 records
Expansion highlights5 records
ZestMoney competitors and assessment
Company assessmentEmerging players
- MoneyTap: Indian app-based personal credit line product targeting salaried consumers without credit cards, partially overlapping with ZestMoney's EMI-based consumer credit offering.
- PaySense (by PayU): Personal loan and credit-line product for Indian consumers that overlaps with ZestMoney's digital EMI consumer credit proposition, particularly for thin-file borrowers.
Direct peers
- Simpl (by OneCard): Indian BNPL platform offering pay-in-3 and 1-tap checkout credit at online merchants, competing directly with ZestMoney's no-credit-card EMI proposition across similar consumer segments and merchant categories.
- LazyPay (PayU): PayU-owned BNPL and 'Buy Now, Pay in 15 days' product in India with merchant checkout integrations and consumer credit lines, directly competing in the same checkout-EMI category as ZestMoney.
- ePayLater: Indian BNPL fintech providing credit lines for online checkout purchases, comparable to ZestMoney in serving consumers without credit cards and partnering with enterprise merchants.
- Axio (formerly Capital Float): Indian digital lending platform offering consumer and merchant credit including BNPL-style products, with comparable underwriting approach and merchant partnerships to ZestMoney.
- Postpe (BharatPe): BharatPe's BNPL product offering scan-and-pay credit at online and offline merchants, overlapping with ZestMoney's checkout EMI use cases and consumer credit positioning in India.
- Slice (North East Venture Fund): Indian consumer credit/BNPL fintech offering credit cards and pay-later products aimed at young, underbanked consumers, directly comparable in targeting thin-file Indian consumers with digital EMI offerings.
Broad incumbents
- MobiKwik Zip: BNPL and personal credit offering from MobiKwik, a broader digital payments incumbent in India that competes with ZestMoney in the consumer EMI / pay-later category.
- Paytm Postpaid: Paytm's BNPL/short-term credit offering integrated across its payments super-app, competing with ZestMoney at merchant checkouts while leveraging Paytm's much larger wallet and payments user base.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat3 records
Key risks6 records
Key highlights6 records
Customer concentration
ZestMoney social profiles
Digital presenceZestMoney financial estimates
Financial estimateRevenue estimate
Valuation estimate
ZestMoney leadership team
Management profileNumber of profiles
Profiles5 records
ZestMoney funding detail
Funding detailFunding overview
Funding rounds10 records
Investors17 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
ZestMoney M&A and investment
M&A and investmentM&A1 record
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about ZestMoney
What does ZestMoney do?
ZestMoney operates a Buy Now Pay Later (BNPL) platform that enables Indian consumers to make purchases on Equated Monthly Installments (EMI) without requiring a credit card or credit score. Users receive a personalized credit facility of up to Rs 2,00,000 and can pay in 3, 6, 9, or 12 installments at over 75,000 physical retail stores and 15,000+ online stores. The platform uses AI-powered credit decisioning and partners with lending institutions (NBFCs and banks) to underwrite and manage the credit facilities.
Is ZestMoney a public or private company?
ZestMoney is a private company. It is classified as corporate owned and is currently closed.
When was ZestMoney founded?
ZestMoney was founded in 2016. It employs 501 to 1,000 people.
Where is ZestMoney based?
ZestMoney is headquartered in Bangalore, India, in the Asia region.
How does ZestMoney make money?
Three revenue lines are on record. Transaction Fees from Merchants are the primary driver. The others are interest on EMI Plans and lending Partner Partnerships.
Who are ZestMoney's main competitors?
Emerging players on record are MoneyTap and PaySense (by PayU). Direct peers are Simpl (by OneCard), LazyPay (PayU), ePayLater, Axio (formerly Capital Float), Postpe (BharatPe) and Slice (North East Venture Fund). Broad incumbents are MobiKwik Zip and Paytm Postpaid.
Does ZestMoney have an API?
No public API is recorded for ZestMoney.
What industry is ZestMoney in?
ZestMoney's product category is Consumer Lending. Its primary akta.pro industry code is FSAKACAA, Merchant-Integrated BNPL (Online Checkout), with a secondary code of BPAMAFAG, Buy Now, Pay Later (BNPL) Platforms. Its NAICS code is 522220 and its SIC code is 6141.