ZestMoney announces news leadership team, founders stepped down
By MYBRANDBOOK
Bengaluru-based ZestMoney has announced its new leadership team after all co-founders of the company stepped down from their positions.
In a townhall meeting ZestMoney’s founders Lizzie Chapman, Priya Sharma, Ashish Anantharaman informed employees that they would be stepping down from day-to-day operations and they will support the business thereafter as key shareholders. The new management transition will take place over the next 3-4 months of time.
All three co-founders collectively own 18.5% stake in ZestMoney.
The company’s Senior Vice President-Growth Abhishek Sharma, Chief Banaking Officer Mandar Satpute, and Vice President-Finance Mohit Chhajer would be taking charge, ZestMoney said in its statement.
“The new management team, made up of long-term, senior-level leaders who have helped the company scale since its inception, is expected to continue driving ZestMoney’s growth and expansion in India," the company said.
The company also said that it is planning for a funding round from the existing shareholders which includes Quona Capital, Zip, Omidyar Network India, Flourish VC and Scarlet Digital and it is expected to close in the coming few weeks.
“This new capital will support the future growth of the business and finance the path to profitability," it added.
“As founders we are proud of what we have built and achieved so far. But we believe that this is the right time to bring in new management to take the company to the next level. We are confident that the new team will drive the company in the right direction and achieve even greater success," Chapman said.
Founded in 2015, the fintech startup has raised about $140 million from marquee investors, including PayU, Zip, Ribbit Capital, Quona Capital, Xiaomi, Omidyar Network, Goldman Sachs, and others. During the financial year 2022, ZestMoney saw its revenue rise to ₹145 crore from ₹89 crore in FY21. Losses jumped to ₹398.8 crore from ₹125.8 crore a year ago.
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