ZestMoney To Have 3 New Leaders After Founders’ Resignation

Digital lending platform, ZestMoney will have three new leaders on board according to a LinkedIn social media post by Lizzie Chapman, the now-former CEO of the company on Tuesday.

Lizzie Chapman, along with Priya Sharma (CFO & COO) and Ashish Anantharaman (CTO) will be replaced by Mohit Chhajer, Mandar Satpute and Abhishek Sharma.

“We founders will continue to be significant shareholders in the company and will be the biggest cheerleaders and supporters in every way,” said Chapman.

According to reports, the estimated reason for the founders’ resignation is the company’s failed acquisition by PhonePe, a digital finance player that would have boasted the company’s business.

Negotiations between PhonePe and ZestMoney commenced in November last year with initial reports suggesting that PhonePe was set to acquire ZestMoney for an estimated USD of 200 to 300 million. However, the acquisition failed abruptly in March over concerns about the digital lender’s loan quality.

ZestMoney, founded in 2015 provides customers with instant digital loans, facilitated by Nahar Credit, a non-banking financial company (NBFC) acquired by ZestMoney in 2019.