DMI Group acquires buy now pay later startup Zestmoney

DMI Group, a financial services platform has acquired ‘buy now pay later’ (BNPL) startup ‘Zestmoney’ for an undisclosed amount.

The acquisition is expected to help DMI widen its engagement with customers and merchants across online and offline networks through Zestmoney’s checkout financing platform.

Commenting on the acquisition, Shivashish Chatterjee, co-founder joint managing director of DMI in a statement said, “We have been partnered with Zestmoney for over 8 years in various capacities. We firmly believe that this acquisition will be an important step in our journey to provide digital financial inclusion at scale across India.”

Mandar Satpute, chief operating officer of Zestmoney added, “DMI has been at the forefront of digital lending in India. They bring strong capital support and deep expertise. DMI has been an early supporter of Zestmoney, and we are very excited to take our partnership to a whole new level.”

Founded in 2015, Zestmoney allows users to apply for and receive digital credit instantly at the point of sale. With a robust network of over 80,000 merchants, including major players like Amazon, Flipkart, and Myntra, Zestmoney has been a significant player in the BNPL space.