ZestMoney, the esteemed fintech startup backed by Goldman Sachs, recently experienced a significant transformation. In light of the co-founders stepping down, a fresh leadership panel consisting of Abhishek Sharma, Mandar Satpute, and Mohit Chhajer has taken the helm, ushering in new aspirations and a promising fundraising initiative.
ZestMoney’s once familiar leadership triad, Lizzie Chapman, Priya Sharma, and Ashish Anantharaman, formally announced their resignation to 175 employees during a company-wide town hall. Despite the trio’s decision to relinquish their operational roles, they remain significant shareholders, signaling their continued faith in the company.
Commenting on this transformative shift, former Co-founder Lizzie Chapman revealed in a LinkedIn post, “As we move to the next stages of our personal and professional trajectories, we’re confidently entrusting Mohit Chhajer, Mandar Satpute, and Abhishek Sharma with the future of ZestMoney. They’ve been with us on this journey for quite some time and have played crucial roles in sculpting the company into the country’s largest digital lending franchise.”
Also Read: Founders Exit ZestMoney, Leaving Uncertainty in Their Wake
The restructuring follows the termination of the much-anticipated acquisition deal of ZestMoney by PhonePe, which concluded in March. Despite the missed opportunity, the company has plans to finalize a new investment round from its existing shareholders, which is anticipated to close within the coming weeks.
The fresh capital influx will propel the company’s growth and aid its journey towards profitability. ZestMoney, since its inception in 2015, has successfully collaborated with over 10,000 online partners and 85,000 retail touchpoints across India to offer digital credit in conjunction with various financial institutions.
Supporting ZestMoney’s new chapter, Ganesh Rengaswamy, managing partner at Quona Capital, voiced his optimism about the company’s future. He said, “We are happy to support this next chapter for ZestMoney, which promises to be an exciting one on their path to profitability.”
Peter Gray, Global COO at ZIP, further underscored the vast potential that ZestMoney continues to hold, particularly in a market where less than 4% of Indians have access to formal credit.
With new leadership and a promising roadmap, ZestMoney is poised for a promising and exciting future.
This news piece is based on the original article published by YourStory website
