ZestMoney

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.

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

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

• Buy now pay later
• Consumer lending
• EMI financing
• Digital lending
• Credit decisioning

Headquarters

HQ city

Bangalore

HQ country

India

HQ region

Asia

Offices1 record

Markets served

GTM type

B2C

Offering type

Services

Cost components

Technology or R&D, Personnel, Marketing or Sales, Operations

Revenue model

1. 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.
2. 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.
3. 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

Go-to-market motion3 records

Distribution channels4 records

Marketing channels5 records

Core 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

Named customers12 records

Segments3 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Eleven partnerships are on record, tiered core.

• MyntracoreChannel Partner/ Reseller/ DistributorFashion e-commerce platform where ZestMoney EMI is offered at checkout for fashion purchases.
• FlipkartcoreChannel Partner/ Reseller/ DistributorMajor Indian e-commerce marketplace offering ZestMoney EMI options to customers.
• Amazon IndiacoreChannel Partner/ Reseller/ DistributorE-commerce platform offering ZestMoney EMI for eligible purchases on Amazon India.
• MakeMyTripcoreChannel Partner/ Reseller/ DistributorTravel booking platform offering EMI options for travel bookings through ZestMoney.
• ApplecoreChannel Partner/ Reseller/ DistributorConsumer electronics brand with EMI offerings available through ZestMoney for Apple products.
• NykaacoreChannel Partner/ Reseller/ DistributorBeauty and cosmetics e-commerce platform with ZestMoney EMI available at checkout.
• XiaomicoreChannel Partner/ Reseller/ DistributorElectronics brand partner offering EMI options through ZestMoney for Xiaomi products.
• BoatcoreChannel Partner/ Reseller/ DistributorAudio and wearable electronics brand with EMI purchase options via ZestMoney.
• DecathloncoreChannel Partner/ Reseller/ DistributorSports retail brand offering ZestMoney EMI for sports and fitness equipment purchases.
• Apollo HospitalscoreChannel Partner/ Reseller/ DistributorHealthcare provider offering EMI payment options through ZestMoney for medical services.
• Payment Gateway PartnerscoreTechnology or IntegrationMultiple 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

Emerging 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

• Xx.com/zestmoney
• Facebookfacebook.com/zestmoney
• LinkedInlinkedin.com/company/zestmoney
• Instagraminstagram.com/zestmoney

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Funding overview

Funding rounds10 records

Investors17 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about ZestMoney