dmi

ZestMoney, the Goldman Sachs-backed Indian fintech startup once valued at $450 million, has sold itself to financial services firm DMI Group, the two said late Wednesday, in a fire sale that caps 12 tumultuous months for the once-hot new age lender. In a statement, DMI Group said the deal grants it with the exclusive right to the use of all Zest brands and make the NBFC arm DMI Finance a preferred lender on the Zest platform. “DMI will also bring its customer base, balance-sheet strength and significant risk-management experience to drive growth across Zest’s online and offline merchant network,” DMI said in a statement. ZestMoney founders quit the startup in May last year after acquisition talks with fintech giant PhonePe didn’t materialize. We firmly believe that this acquisition will be an important step in our journey to provide digital financial inclusion at scale across India.”