India-based online lender ZestMoney has received $50m in series C funding from Australia-headquartered peer Zip, The Economic Times reported yesterday.
Founded in 2015, ZestMoney operates an online buy now, pay later platform that lets customers make purchases on credit and pay the funds back at a later date.
ZestMoney will use the investment proceeds to expand its suite of products as well as launch new business lines for insurance and savings. It also plans to build upon its merchant network and strengthen its balance sheet.
The company raised $4.6m from venture capital firm Primrose Hill Ventures in March 2020, $3m in May 2020 and $3.6m in June 2020, according to regulatory documents cited in an Inc42 report.
Media and e-commerce group Naspers’s financial technology subsidiary, Naspers Fintech, contributed to a $15m series B round for the company in December 2019 that included Goldman Sachs, Quona Capital and Omidyar Network.
ZestMoney collected $20m in its April 2019 series B round, which was backed by Naspers’ payment technology subsidiary, PayU, and Reinventure, a VC firm sponsored by financial services group Westpac, as well as Omidyar Network and Ribbit Capital.
Venture debt firm Alteria Capital supplied an undisclosed sum for ZestMoney in January 2019. Electronics manufacturer Xiaomi joined PayU, Omidyar Network and Ribbit Capital in its $19.9m series A round the previous year, the last two having provided $2m in seed funding for the company in 2015.