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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 class="summary-list"><li>Marco Braun and Danny Chapman had a second <keyword id="11896825" type="UNKNOWN" weightage="60" keywordseo="wedding" source="Orion">wedding</keyword> ceremony on April 26. </li><li>In June, Braun shared a <keyword id="11894125" type="UNKNOWN" weightage="60" keywordseo="tiktok" source="Orion">TikTok</keyword> video of his "Lizzie McGuire"-inspired <keyword id="14325065" type="UNKNOWN" weightage="60" keywordseo="wedding-vows" source="Orion">wedding vows</keyword>. </li></ul>The iconic childhood character Lizzie McGuire once said that having somewhere to belong and someone to love is what dreams are made of — and, according to Chicago couple Marco Braun and Danny Chapman, she was right.Braun, an antiques seller, and Chapman, an organizational and <keyword id="11899151" type="UNKNOWN" weightage="60" keywordseo="culture" source="Orion">culture</keyword> consultant, had a second wedding ceremony on April 26 after hosting a smaller ceremony during the COVID-19 pandemic last year. Since they had already said heartfelt <keyword id="14325064" type="UNKNOWN" weightage="60" keywordseo="vows" source="Orion">vows</keyword> at their first wedding on May 8, 2021, they agreed to switch things up and add in some humor.<div type="image" title="Braun and Chapman had a second wedding ceremony in April." height="1281" width="1920" msid="92557023" hostid="261" sizebytes="240644"></div>Chapman told Insider that his vows were all about the first-time experiences he had with Braun, and how marrying him would lead to a lifetime of supporting each other's choices. Braun's vows, however, were all about <keyword id="12196699" type="UNKNOWN" weightage="60" keywordseo="hilary-duff" source="Orion">Hilary Duff</keyword>."Danny showed up with these very beautiful, serious vows, and I had to go after him, and I was thinking, 'Oh God, no,'" Braun said. "I wanted to start my vows with a funny statement, and then I fell down a Hilary Duff rabbit hole, and because she was on my mind so much, I decided she might as well be in my vows." In honor of Pride Month, Braun decided to share his wedding vows in a <a href="https://www.tiktok.com/@bowtieinchicago/video/7112574601686961454?is_copy_url=1&amp;is_from_webapp=v1">TikTok video</a> that has since gone <keyword id="11896837" type="UNKNOWN" weightage="60" keywordseo="viral" source="Orion">viral</keyword>. It had 5 million views as of Wednesday. "Growing up, I always imagined I would be getting married to early 2000s teen idol and gay icon Hilary Duff," Braun started his vows by saying. "So you could understand my shock today to see you at the altar."Braun continued: "This week, I was doing research on Hilary Duff's famed character Lizzie McGuire in hopes of finding some cute connection between you two, and in the end say, 'Though Hilary Duff isn't here, I still have you.' But that's when I made the shocking discovery that I am Lizzie McGuire." Braun went on to say that his whole life he was searching for his Lizzie McGuire when he should have been searching for his Gordo. In <a href="https://www.tiktok.com/@bowtieinchicago/video/7112773599743872302?is_copy_url=1&amp;is_from_webapp=v1">the second part of his vows</a>, Braun said he also realized the song "What Dreams Are Made Of" was the perfect anthem for his life and the journey he was embarking on with Chapman. "I'm just so grateful to have had that front-row experience," Chapman said. "I was not surprised that it was about Hilary Duff. He really does love her. I think the obvious question at first was, 'How am I like Hilary? How am I like Lizzie McGuire?' So I loved when he said he was Lizzie McGuire and I was Gordo." Chapman added: "He just did such a nice job of balancing humor and love and being able to make that joke, but then pay it off in such a meaningful way. I really felt the love and commitment that I know I'll have for the rest of my life." After the ceremony, the couple walked back down the aisle to "What Dreams Are Made Of.""We really wanted to set a tone for our wedding to be filled with laughter," Braun said. <div type="image" title="Braun and Chapman walked back down the aisle to Hilary Duff's &quot;What Dreams Are Made Of.&quot;" height="1791" width="1440" msid="92557025" hostid="261" sizebytes="113598"></div>On Friday, Duff shared Braun's wedding vows on her Instagram story with the caption: "Ughhh Swoooon. Where was my invite?"Braun told Insider he found out about Duff's post when his maid of honor called him screaming to look at the actor's page. "I lost my mind, and it was the most surreal thing I could have asked for," Braun said. "My childhood self never in a million years would've imagined that Hilary Duff would know who I am and repost my vows about her on her Instagram.""It was such a love-filled moment that I hoped people would feel," he went on to say. <div type="image" title="Duff posted her reaction to Braun's wedding vows on Instagram." height="2343" width="1169" msid="92557027" hostid="261" sizebytes="140244"></div>Braun said Duff also sent him a direct message offering her congratulations and asking for their address to send a wedding gift. "Mazel!!!!!!! So happy for you guys!!! And your vows made me laugh and cry! A true success, and I am honored to be part of your wedding," Braun said she wrote to him. "She is a class act and a queen that we all do not deserve," he added.

A groom went viral on TikTok for his 'Lizzie McGuire'-inspired wedding vows, and Hilary Duff responded

<ul><li>The Series C round was raised $50 million from Australia-based Zip Co that works in the same space.</li><li>Zip Co will acquire a minor stake and a board seat in <keyword id="6414960" type="General" weightage="20" keywordseo="zestmoney" source="Orion">Zestmoney</keyword> post this investment.</li><li>The Indian startup claims to have a customer base of 11 million, of which 70% are from Tier II and III cities and are first time <keyword id="6354680" type="General" weightage="20" keywordseo="credit" source="Orion">credit</keyword> seekers.</li></ul>Payments company Zestmoney, which allows customers to ‘buy now and pay later’ (BNPL), has raised $50 million from Australia-based Zip Co that works in the same space. The six-year-old Indian startup will use this capital to further expand its product, deepen its transaction network, strengthen its balance sheet capacity and enter new business opportunities in insurance as well as savings. ZestMoney also acquired a corporate agent insurance licence from the Insurance Regulatory and Development Authority of India (IRDAI) last month in order to get into the insurance business. Zip Co will acquire a minor stake and a board seat in Zestmoney post this investment. “The investment by Zip is a deep validation of our position as market leader in the <keyword id="4585897" type="General" weightage="20" keywordseo="buy-now-pay-later" source="Orion">Buy Now Pay Later</keyword> category in India,” Lizzie Chapman, co-founder and chief executive (CEO) of ZestMoney said. “While Buy Now, Pay Later is emerging as a preferred mode of payment globally, in India it also plays a crucial role in driving access to credit,” Larry Diamond, CEO of Zip Co, said. The fundraise is a part of a larger Series C round, which will witness the participation of more existing investors. The fintech startup has not specified the names of the investors that are likely to invest in the round. ZestMoney has raised over $110 million to date from investors like Goldman Sachs, Quona Capital, Xiaomi, Prosus &amp; Naspers, and Alteria Capital, among others. The company is a digital omnichannel BNPL player, which claims to have a merchant network of 10,000 online and 75,000 offline stores. The company claims to have a customer base of 11 million, of which 70% are from Tier II and III cities and are first time credit seekers. BNPL or Buy Now Pay Later is a short term micro credit model, which allows customers to purchase and delay the payment by 14-30 days. In some cases, customers also have an option to pay over several installments. LazyPay and Simpl are few companies working in this domain in India. SEE ALSO <a href="https://www.businessinsider.in/business/corporates/news/zee-entertainment-merges-with-sony-pictures/articleshow/86416420.cms">Marriage Story! Zee gets a white knight in Sony</a> <a href="https://www.businessinsider.in/stock-market/news/infosys-hdfc-bank-vedanta-and-other-top-stocks-to-watch-out-for-on-september-22/slidelist/86415930.cms">Zee Entertainment, Infosys, HDFC Bank and other top stocks to watch out for on September 22</a> <a href="https://www.businessinsider.in/stock-market/news/zee-entertainment-shares-hits-upper-circuit-after-two-independent-directors-resign-on-investors-demand/articleshow/86189814.cms">Zee Entertainment hits 33% after two independent directors resign on investor’s demand</a>

Payments firm ZestMoney raises $50 million to test out insurance business

<ul><li>Two Indian <keyword id="6362513" type="UNKNOWN" weightage="20" keywordseo="startups">startups</keyword> – <keyword id="2593543" type="PERSON" weightage="20" keywordseo="Stellapps">Stellapps</keyword> and <keyword id="6414960" type="UNKNOWN" weightage="20" keywordseo="ZestMoney">Zestmoney</keyword> are in the list of Technology Pioneers of 2020 by the <keyword id="69007" type="ORGANIZATION" weightage="20" keywordseo="World-Economic-Forum">World Economic Forum</keyword>.</li><li>Companies that have been a part of the prestigious list earlier are Google, Airbnb, Kickstarter, Mozilla, Spotify, Twitter and Wikimedia.</li><li>Both the startups will now contribute to <keyword id="102110" type="ORGANIZATION" weightage="20" keywordseo="WEF">WEF</keyword> initiatives for two years and work with policymakers and private sector leaders on key issues.</li></ul>The World Economic Forum has released its list of Technology Pioneers of 2020 and two Indian startups – Stellapps and Zestmoney are a part of the list. “By joining this community, Technology Pioneers begin a two-year journey where they are part of the World Economic Forum’s initiatives, activities and events, bringing their cutting-edge insight and fresh thinking to critical global discussions,” said the statement from WEF. Companies that have been a part of the prestigious list earlier are Google, Airbnb, Kickstarter, Mozilla, Spotify, Twitter and Wikimedia. ZestMoney The five-year old startup ZestMoney was founded by Lizzie Chapman, Priya Sharma and Ashish Anantharaman. The consumer lending startup aims to enable users who have no access to credit cards or any other formal financing options due to insufficient credit history. “We feel like it is confirmation that the platform that we have built using cutting edge technology is among the most unique in the world and can further improve the quality of life for millions of people. At ZestMoney, we believe that everyone deserves a better life and, by providing affordable and accessible credit, we can empower them to pursue that life,” said Chapman about the Technology Pioneers list. With this, Chapman and ZestMoney will contribute to WEF initiatives for two years and work with policymakers and private sector leaders on key issues. ZestMoney is backed by leading investors such as Goldman Sachs, Ribbit Capital, Xiaomi, Naspers Fintech, and Omidyar Networks. As of December 2019, Zestmoney has 6 million users and 3000 merchants onboard. Stellapps Bengaluru-based milk tech startup Stellapps is the second Indian company to feature in the WEF list. Stellapps is a data-driven, IoT based, farm-to-consumer dairy supply chain startup. Stellapps, which was founded in 2011, digitizes the farm-to-consumer chain and through its advanced analytics and AI runs a full-stack IoT platform to enable dairy ecosystem partnerships. The platform also facilitates digital payments and hassle-free credit and insurance to marginal dairy farmers. “Stellapps currently digitizes over 9 million litres of milk worth $3.4 million each day and directly impacts 2 million dairy farmers in over 28,000 Indian villages,” said the company. “We consider the selection as the validation of the impact created in the lives of millions of smallholder farmers. It is also a confirmation of the uniqueness of our technology and its potential to orbit-shift the Indian dairy sector’s productivity, profitability and sustainability with milk quality and traceability as the cornerstone,” said Stellapps’ CEO, Ranjith Mukundan. Mukundan has 24 years of experience in the IT industry and was earlier the Global head of Wipro's telecom value added services practice. SEE ALSO: <a href="https://www.businessinsider.in/business/startups/news/shikhar-dhawan-joins-jennifer-lopez-shahid-kapoor-and-others-in-malaika-arora-backed-yoga-startup-sarva/articleshow/76402614.cms">Shikhar Dhawan joins Jennifer Lopez, Shahid Kapoor and others in Malaika Arora-backed yoga startup SARVA</a> <a href="https://www.businessinsider.in/business/startups/news/a-new-survey-shows-startups-msme-firms-are-running-out-of-cash/articleshow/76398244.cms">Many Indian startups and small businesses are running out of cash fast, a new survey shows</a>

These two Indian startups are in the World Economic Forum's Technology Pioneers list that has earlier had Google, Airbnb, and Twitter

In a sign that <keyword id="6354973" type="UNKNOWN" weightage="20" keywordseo="electric-vehicles">electric vehicles</keyword> are gaining traction in India, AI-driven EMI financing platform <keyword id="6414960" type="UNKNOWN" weightage="20" keywordseo="ZestMoney">ZestMoney</keyword> on Thursday said that it has seen a 500 per cent month-on-month growth in customers opting for its "<keyword id="4585897" type="PERSON" weightage="20" keywordseo="buy-now-pay-later">Buy Now Pay Later</keyword>" solution for EVs. The number of EV dealers on ZestMoney's platform have increased from 300 in July to 4,500 in November, the company said. The demand for electric scooters has increased over the last few months as people want to own a personal vehicle. With Covid-19 and need for social distancing, people are opting for low-cost electric vehicles to meet their transportation needs. "The pandemic has augmented the demand for electric vehicles with people wanting to skip public transportation," Lizzie Chapman, CEO and Co-founder at ZestMoney, said in a statement. "At ZestMoney, we see a massive opportunity in financing for this segment, particularly in smaller towns where customers may not have a past credit record or a traditional credit score." ZestMoney has observed that Uttar Pradesh contributes 30 per cent to the total business from EV, followed by the states of Bihar, Rajasthan and Maharashtra. The purchases are largely within the age group of 25-35, with 10 per cent of women opting for EV scooters. Interestingly, EVs are gaining increasing traction in Tier-II, III and IV towns where many new-to-credit customers are opting for the convenience of "Pay Later" solutions, ZestMoney said, adding that these markets are driving 70-80% of the total demand. Low Speed scooters that pick-up speed of 25 km/hr and do not need registration with the transport authorities constituted 90 per cent of all the electric two-wheelers sold in FY19-20. While many traditional financiers are averse to financing the electric scooters which do not have the registration number, ZestMoney has made the Pay Later financing available for this segment of EV. ZestMoney partners with Original Equipment Manufacturers (OEM) of EVs to finance their vehicles through their dealership network. The company is associated with over 20 marquee brands in the EV space, including Hero Electric, Revolt, Okinawa, YObykes, Tunwal, BattRE, EeVe India among others.

ZestMoney says its buy now pay later scheme is a big hit with electric vehicle customers

<ul><li>India has 1.9 crore personal loan consumers, said Manu Kumar Jain, the India head of Xiaomi. </li><li>According to a survey by Xiaomi, Indians take personal <keyword id="6362287" type="UNKNOWN" weightage="20" keywordseo="loans">loans</keyword> for five reasons – first comes medical emergencies. </li><li>Most surveys say that top reason for personal loans is medical emergencies. But bill payments are also popular for those who take short-term loans. </li><li>A Zestmoney report says that over 20% of loan amounts taken by women were for education. </li></ul>There has been a dramatic change in the Indian financial services sector. From a time when one would take a personal leave to go to the bank, we have arrived at a time when almost every service is available at the tap of a button. As fintechs evolve, availing personal loans is no longer a hassle either. This has also led to the birth of many lending startups in India, which give away small ticket personal loans. Startups like Early Salary, Slicepay even cater specifically to millennials. A large player in the smartphone market Xiaomi just launched <keyword id="6552363" type="UNKNOWN" weightage="20" keywordseo="Mi-Credit">Mi Credit</keyword>. It sees a potential in the 1.9 crore personal loan consumers in the country, said India head Manu Kumar Jain during the launch. According to a survey done by the smartphone maker, Indians take personal loans for five reasons – first comes medical emergencies, then shopping, followed by wedding, travel and education. While it may seem surprising that “shopping” comes second, much before education loans, the trick here is that most of it is small ticket loans. “Unlike personal loans that provide a one-time lump sum, a credit line gives the flexibility of borrowing as much as you need from your approved credit limit multiple times. So, people use MoneyTap not just for one-time large expenses but also for everyday credit needs,” said Anuj Kacker, COO and Co- founder, MoneyTap. At MoneyTap too, three main reasons why users take loans are – medical emergencies, bill payments, and family functions/weddings. However, another leading player in the segment Zestmoney has some interesting insights to share. Lizzie Chapman at the Xiaomi launch said that higher number women take big ticket loans for education purposes. Earlier in May, Zestmoney had conducted a survey which revealed that “over 20% of loan amounts taken by women were for education, whereas in comparison, the same percentage for men was 6%.” Moreover, the Zestmoney report also showed that the average loan amount for women is 35% higher than men. In 2019, the average amount of EMI financing taken by women stood at ₹20,000, whereas for men the amount was ₹15,000. See Also: <a href="https://www.businessinsider.in/business/news/xiaomi-launches-mi-credit-in-india/articleshow/72350148.cms">Xiaomi’s Mi Credit promises to give you a loan by the time you order and finish a cup of coffee</a>

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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

A groom went viral on TikTok for his 'Lizzie McGuire'-inspired wedding vows, and Hilary Duff responded

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Payments firm ZestMoney raises $50 million to test out insurance business

Kritti Bhalla

These two Indian startups are in the World Economic Forum's Technology Pioneers list that has earlier had Google, Airbnb, and Twitter

Sanchita Dash

ZestMoney says its buy now pay later scheme is a big hit with electric vehicle customers

IANS

These are the top 5 reasons why Indians take personal loans

Sanchita Dash

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