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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

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>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>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>

These are the top 5 reasons why Indians take personal loans

<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.

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ZestMoney founders quit as fintech startup fails to raise capital

IANS

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

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

These are the top 5 reasons why Indians take personal loans

Sanchita Dash

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

BI India Bureau

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