In a lengthy post on LinkedIn, Ashwin Bhambri, the founder of microlending start-up KreditPE, indicated his interest in purchasing and managing ZestMoney, which just made the decision to cease operations in December.
Millions of people use the social networking site LinkedIn to network and look for work, yet takeover offers are uncommon to come across.
In a lengthy post on LinkedIn, Ashwin Bhambri, the founder of microlending start-up KreditPE, indicated his interest in acquiring and managing Buy Now Pay Later (BNPL) start-up ZestMoney, which recently made the decision to cease operations.
In his “open letter to ZestMoney,” Bhambri stated that the BNPL platform is “too good to shut down” and expressed his deepest gratitude for the founders’ achievements and the influence the company has had.
It’s interesting to note that Bhambri went on to say that if KrediPE purchases ZestMoney, a product that will be far more successful than PhonePe can be developed.
“We at KreditPE are huge fans of the product and would like to suggest buying ZestMoney and running it ourselves. We are confident that we will surpass the success of the #PhonePe by a factor of 100. It will require creativity and thrift to revive ZestMoney, and we are excellent at both,” Bhambri wrote in the post.
Interestingly, following months of due research, PhonePe canceled its intended acquisition of ZestMoney early this year.
“We (at KreditPE) formally express our interest in merging & running ZestMoney and are eager to connect with the decision-makers,” the letter said, addressing the staff, investors, and all three of the ZestMoney co-founders: Ashish Anantharaman, Priya Sharma, and Lizzie Chapman.
According to data from Tracxn, investors who have contributed to ZestMoney over several investment rounds include, among others, Omidyar Network India, Alteria Capital, Goldman Sachs Investment Partners, Ribbit Capital, Naspers, and PayU.
A partnership or merger between KreditPE and ZestMoney, according to the letter, would result in the establishment of a postpaid UPI wallet service, which could be more sensible for an aspiring Indian consumer.
The letter said, “#paytm and #phonepe have yet to scratch the surface when it comes to postpaid. The larger Indian audience will switch to a postpaid wallet service when the option is available.”
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