NEW DELHI: The DMI Group has acquired the homegrown digital EMI financing platform ZestMoney (Zest) for an undisclosed sum, the corporate introduced on Thursday.
This improvement comes after the startup’s new management knowledgeable the staff concerning the resolution to close down operations by the tip of December, 2023.
DMI Finance, the NBFC arm of DMI, shall be a most popular lender on the Zest platform. By means of this acquisition, DMI may have the unique proper to the usage of all Zest manufacturers.
This acquisition may even allow DMI to widen its engagement with present and potential clients by including the ZestMoney checkout financing platform to its product suite.
“Now we have been partnered with ZestMoney for eight plus years in numerous capacities. We firmly consider that this acquisition shall be an essential step in our journey to offer digital monetary inclusion at scale throughout India,” Shivashish Chatterjee, Co-founder and Joint Managing Director of DMI, mentioned in a press release.
DMI may even convey its buyer base, balance-sheet power and important risk-management expertise to drive development throughout Zest’s on-line and offline service provider community.
“DMI has been on the forefront of digital lending in India. They bring about sturdy capital assist and deep experience. DMI has been an early supporter of ZestMoney,” mentioned Mandar Satpute, Chief Working Officer of Zest.
Based in 2008, DMI is a pan-India monetary providers platform with core companies in digital finance, housing finance and asset administration.
It has raised over $1.5 billion of funding capital and is supported by international institutional buyers, strategic household workplaces and main worldwide banks.
