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September 22, 2021

Australia’s Zip enters Indian BNPL market with $50m investment in ZestMoney

By Shalini mani

Australian buy-now-pay-later (BNPL) firm Zip has made a strategic move into the Indian BNLP space with $50m investment in fintech ZestMoney.

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Zip acquired a minority stake in the Indian peer as part of its investment, with an option to increase the shareholding over time.

The move is part of Zip’s strategy to expand into new markets.

Zip currently has footprint in 12 countries and serves more than 7.3 million consumers and over 51,000 merchants.

Founded in 2015, ZestMoney has over 11 million registered users and more than 10,000 online merchants on the platform. It also maintains a presence in over 75,000 physical stores across India.

Zip’s investment is part of the firm’s Series C funding round.

The new capital will be leveraged by ZestMoney to bolster its product suite, expand its merchant network, strengthen its balance sheet.

The firm is also planning to roll out new business lines in insurance and savings.

Zip co-founder and CEO Larry Diamond said: “We are excited to partner with ZestMoney to drive fair and responsible payment solutions in India.

“With deep partnerships with online and offline merchants and lending partners, ZestMoney is poised to accelerate growth as the market develops. We have been incredibly impressed with the founders and leadership team and look forward to the next stage of the ZestMoney journey.”

ZestMoney xo-founder and CEO Lizzie Chapman said: “We are thrilled to have Zip come onboard for the next phase in our journey of powering affordability in the lives of Indian consumers. This is a deep validation of our position as the market leader in the BNPL category in India.”

Free Report
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How attractive are current investment opportunities in Europe?

Europe has been identified as one of the most favorable regions for investors, seeing high investment activity in the past year. Most of these investments have been through Debt Offering, valued at close to $700 billion. The region has provided attractive investments in a diverse set of companies. Companies who tend to major themes such Digital Media, Cloud, Artificial Intelligence, E-commerce, and Big Data are recording the highest number of deals, with Digital Media recording close to 2,000 deals. However, GlobalData’s whitepaper offers a full view of the market, analyzing less successful or attractive points of investment as well, examining statistics on Equity Offering investments and PE/VC deals. Understand how government agencies for economies around the world use GlobalData Explorer to:  
  • Track the M&A and Capital Raising volumes into their target market
  • Identify the top sectors in the target market attracting the investments
  • For any investment segment, identify the top Investors inside and outside the target economy that are already investing in the Segment
  • Assess and showcase the growth potential for various Industries in the target economy
Don’t miss out on key market insights that can help optimize your next investment – read the report now.
by GlobalData
Enter your details here to receive your free Report.

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