Best printers for Home

Best Mixer Grinder

Best wired Earphones

Best 43 Inch TV in India

Best Wi Fi Routers

Best Home Theatre in India

Smart Watch under 5000

Best Laptops for Education

Best Laptop for Students

The founders of <keyword id="6414960" type="General" weightage="20" keywordseo="zestmoney" source="Orion">ZestMoney</keyword>, India's digital EMI financing platform, have reportedly resigned as the Goldman Sachs-backed fintech startup has failed to raise fresh capital. According to a TechCrunch report, its founders <keyword id="6632662" type="General" weightage="50" keywordseo="lizzie-chapman" source="Orion">Lizzie Chapman</keyword>, <keyword id="291941" type="General" weightage="50" keywordseo="priya-sharma" source="Orion">Priya Sharma</keyword> and Ashish Anantharaman informed employees about their decision via an email. "Over the last few weeks, we have done a lot of thinking and it has been hard for us to arrive at this conclusion. We have immense belief and faith in the potential that ZestMoney has," the founders wrote. "We will also ensure to provide full support to the incoming management team and do everything we can to support them for the next 4 months to ensure a smooth transition," they added. Chapman said that she and other founders remain shareholders in ZestMoney. The founder's decision came after a potential deal to acquire ZestMoney by leading fintech company PhonePe fell through recently. ZestMoney was valued at $445 million last year and has raised over $130 million from a range of investors, like <keyword id="2126501" type="General" weightage="50" keywordseo="ribbit-capital" source="Orion">Ribbit Capital</keyword>, Omidyar Network, PayU, Xiaomi and Alteria Capital, among others. Last month, Bengaluru-based ZestMoney laid off about 20 per cent of its workforce, which impacted nearly 100 employees. The company last year had a network of merchants with more than 10,000 online partners and 75,000 physical stores. It reported a registered user base of 17 million and was live at 85,000 retail touch-points across the country. SEE ALSO: <a href="https://www.businessinsider.in/tech/mobile/news/how-to-track-and-block-your-lost-smartphones-using-the-sanchar-saathi-portal/articleshow/100242116.cms">How to track and block your lost smartphones using the Sanchar Saathi portal</a> <a href="https://www.businessinsider.in/tech/news/8-things-that-google-bard-can-do-but-chatgpt-cannot/articleshow/100187360.cms">8 things that Google Bard can do, but ChatGPT cannot</a> <a href="https://www.businessinsider.in/tech/apps/news/how-to-silence-fake-calls-from-unknown-numbers-on-whatsapp/articleshow/100186824.cms">How to silence calls from unknown numbers on WhatsApp</a>

ZestMoney founders quit as fintech startup fails to raise capital

<ul><li>This survey by <keyword id="6414960" type="General" weightage="20" keywordseo="zestmoney" source="Orion">ZestMoney</keyword> reveals insights on consumer spending and saving habits.</li><li>78% of respondents say they have saved up to spend this year.</li></ul>According to the pan-India survey conducted by ZestMoney, a Buy Now, Pay Later platform, 78% of the respondents say they have been saving up to splurge in the coming months. Indicating a strong revival in consumer spending habits, 62% of them said they have planned to increase the festive budget compared to last year. The consumer survey was conducted to understand consumer shopping habits and preferences for the ongoing <keyword id="36208" type="General" weightage="20" keywordseo="festive-season" source="Orion">festive season</keyword>. The pan-India survey saw participation from 3,800 respondents, the majority of them being millennials. Smartphones, electronics, and fashion have emerged as the top categories where people planned to splurge in the coming months. A whopping 72% choose smartphones and consumer electronics as their preferred choice to shop. Home decor, jewelry, automobiles, personal care products are the other popular categories. The Indian festive season is a crucial time as consumer demand is at its peak with many planning several small and big-ticket purchases. With increased vaccination and the general opening of the economy, the survey has witnessed a positive sentiment around budgets and shopping at physical stores. 75% of the surveyed respondents said they were more comfortable shopping at physical stores than last year. While online shopping continues to be popular among people, 53% said they would shop at both online and offline stores for their needs this year. Indicating an increase in discretionary spending and budgets, 67% of people say they plan to spend on gifting family and friends. It is interesting to note that 59% of them revealed that they plan to use Buy Now, Pay Later/EMI options for their shopping needs. UPI, Credit Cards, and cash payments were other popular options. Affordability solutions continue to play a crucial role in these times as people look at ways to plan their finances better. Commenting on the survey, <keyword id="6632662" type="General" weightage="20" keywordseo="Lizzie-Chapman" source="Orion">Lizzie Chapman</keyword>, CEO &amp; Co-founder of ZestMoney said, “We expect this to be a dhamaka festive season and the signs are already visible. People have started spending and the consumer demand is very upbeat for the next 3 months. We have seen customer applications go up by 10X on our platform and we have had to increase credit limits for select customers as many reach out asking for it. It’s interesting to see the survey suggesting people want to spend more this year compared to last year.” “One noticeable difference is people are more comfortable shopping at retail stores and the footfalls are promising. We are seeing massive interest from retailers wanting to enable Buy Now, Pay Later at their stores. We will soon have a network of 1 lakh physical stores across the country owing to the festive demand. Overall we expect a 3X YoY growth this festive season with demand across categories from electronics, home appliances, smartphones, and electric bikes”, added Chapman.

72% of Indians plan to splurge on electronics and gadgets during the festive season: Report

<ul><li><keyword id="6553953" type="UNKNOWN" weightage="20" keywordseo="creditbee">CreditBee</keyword> is reportedly <keyword id="874458" type="LOCATION" weightage="100" keywordseo="Xiaomi">Xiaomi</keyword>’s new <keyword id="3088449" type="PERSON" weightage="20" keywordseo="micro-lending">micro lending</keyword> platform in India. </li><li>Experts expect India’s <keyword id="2461546" type="PERSON" weightage="20" keywordseo="FinTech">fintech</keyword> industry to double in the next two years.</li><li>The service will issue <keyword id="1628688" type="PERSON" weightage="20" keywordseo="micro-loans">micro loans</keyword> at a 3% rate of interest for a period of 90 days. </li></ul>Chinese smartphone maker Xiaomi is launching their new lending platform in India. The micro-lending product is named CreditBee since the service has been launched in partnership with <keyword id="3538270" type="PERSON" weightage="20" keywordseo="KrazyBee">KrazyBee</keyword>. The company has yet to make an official announcement, but a source speaking to <a href="https://tech.economictimes.indiatimes.com/news/internet/xiaomi-launches-its-first-lending-product-in-india/64282329">ETtech</a> claimed that the platform is already live and the company will officially unveil it in the coming weeks. Microloans are essentially loans of small value issued at a low rate of interest. Over the past couple of years, it’s become quite an attractive <a href="https://www.moneycontrol.com/news/business/personal-finance/7-emerging-lending-options-you-should-explore-to-raise-funds-2566149.html">alternative</a> for under-represented groups or start-ups, who don’t necessarily require a huge loan. On CreditBee, consumers will be able to avail loans <a href="https://inc42.com/buzz/xiaomi-launches-lending-product-creditbee-with-krazybee/">starting</a> from ₹1,000 to ₹100,000. The term of the loans is 90 days, at an interest rate of 3 percent. Their target audience is salaried professionals who need short-term, small amount loans. KrazyBee, Xiaomi’s partner for this venture, is amongst the companies Xiaomi invested in. It was only last year that they <a href="https://tech.economictimes.indiatimes.com/news/startups/krazybee-raises-8-million-from-xiaomi-tech-and-others/61111187">led</a> an $8 million round for the company, which is based out of Bengaluru. And now, Xiaomi may even be <a href="https://economictimes.indiatimes.com/small-biz/startups/newsbuzz/xiaomi-is-in-advanced-talks-to-pick-up-stake-in-zestmoney/articleshow/63675367.cms">looking</a> into making a second investment in the fintech industry with <keyword id="6414960" type="UNKNOWN" weightage="20" keywordseo="ZestMoney">ZestMoney</keyword>. ZestMoney is the company that fuels EMI-loans on Mi.com at the moment. Reports <a href="https://tech.economictimes.indiatimes.com/news/mobile/xiaomi-is-in-advanced-talks-to-pick-up-stake-in-zestmoney/63675487">indicate</a> that the former is looking to raise around $20 million through Xiaomi and its existing investors, like PayU. It’s not surprising that Xiaomi is looking at the fintech industry. The company already has a few lending platforms back home in China. Also, it had <a href="https://www.techradar.com/news/xiaomi-plans-to-launch-6-new-smartphones-expand-its-non-smartphone-portfolio-in-2018">indicated</a> earlier that it would like to expand its business beyond the smartphone arena and build a non-smartphone portfolio. With the country’s demographic dividend hitting its peak, more and more products are being targeted towards salaried individuals. Experts <a href="https://www.financialexpress.com/economy/economic-boom-in-india-coming-soon-massive-number-of-consumers-eligible-for-credit-heres-what-it-means/1175548/">speculate</a> that there are nearly 150 million consumers who aren’t 'credit active' right now but are eligible to turn into retail credit borrowers. Their analysis suggests that tapping into that potential could result in big growth opportunities for companies in the lending industry, which in turn will provide a boost to the economy. That being said, India has <a href="https://www.foxbusiness.com/markets/the-10-countries-where-people-save-the-most-money">historically</a> been a savings oriented nation, though that trend has been slowly been <a href="http://www.ey.com/Publication/vwLUAssets/ey-the-battle-for-the-indian-consumer/$File/ey-the-battle-for-the-indian-consumer.pdf">reversing</a> since the dawn of liberalisation and privatisation in 1992. With the fintech software market set to <a href="http://www.nasscom.in/knowledge-center/publications/fintech-india-global-growth-story">double</a> to $2.4 billion by 2020 from the current $1.2 billion, the transformation will only gain momentum. Currently, India is the biggest market for Xiaomi, second only to China. The company’s Indian operations even <a href="https://economictimes.indiatimes.com/tech/hardware/xiaomi-turns-profitable-in-third-year-in-india/articleshow/61954734.cms">started</a> turning a profit in FY 2017, which marked Xiaomi’s third year in the country with sales of around ₹8,379 crore.

After conquering the smartphone space, Xiaomi now wants to enter India’s fintech industry

<ul><li>Smartphone giant, <keyword id="874458" type="COMPANY" weightage="20" keywordseo="Xiaomi">Xiaomi</keyword> is all set to enter <keyword id="6355260" type="UNKNOWN" weightage="20" keywordseo="NBFC">NBFC</keyword> sector to provide consumer loan and b2b credits. </li><li>Its newly registered company, Xiaomi Financial Services India is soon going to seek RBI’s permission to commence operation as NBFC. </li><li>The board of directors include Xiaomi’s Corp co-founder Feng Hong and Xiaomi’s India MD <keyword id="1677962" type="PERSON" weightage="20" keywordseo="Manu-Kumar-Jain">Manu Kumar Jain</keyword>. </li></ul>The Chinese smartphone manufacturer, Xiaomi is mulling an entry into India’s Non Banking Financial Company (NBFC) sector by launching its new company Xiaomi Financial Services India. The company plans to provide consumer financing and business-to-business lending in India. The new company was established on 10 October as a subsidiary of Xiaomi Singapore Fintech and Xiaomi Finance HK Ltd. The newly incorporated company is yet to seek RBI’s approval to operate as a NBFC in India. It has nominated Xiaomi Corp co-founder Feng Hong and Xiaomi India MD Manu Kumar Jain as the board of directors for Xiaomi Financial Services. According to recent media reports, the smartphone major is planning to offer consumer loans against e-commerce purchases such as home appliances, electronics and apparels. Further, it is also looking forward to provide credit to business against any acquisition of assets and goods. All the services will be provided using online platforms. Xiaomi has already launched <keyword id="6552363" type="UNKNOWN" weightage="20" keywordseo="Mi-Credit">MI Credit</keyword> and <keyword id="5621021" type="UNKNOWN" weightage="20" keywordseo="Mi-finance">MI Finance</keyword> as Fintech in India. MI Credit with KreditBee provides personal loans, whereas, MI Finance has tied up with ZestMoney to provide the EMI facility.

You Searched For "zestmoney emi" and got 4 results

ZestMoney founders quit as fintech startup fails to raise capital

IANS

72% of Indians plan to splurge on electronics and gadgets during the festive season: Report

BI India Partner

After conquering the smartphone space, Xiaomi now wants to enter India’s fintech industry

Prabhjote Gill

After making its debut in fintech, Xiaomi to enter Indian NBFC sector soon

BI India Bureau

Popular Keywords

Buying Guides