ZestMoney raises $13.4mn in Xiaomi-led round

ZestMoney raises $13.4mn in Xiaomi-led round
ZestMoney raises $13.4mn in Xiaomi-led round

Bengaluru-based digital lending platform ZestMoney has raised $13.4 million in a round led by Chinese smartphone manufacturer Xiaomi in an extension of its Series-A round. It also saw the participation of their existing investors PayU, Ribbit Capital and Omidyar Network. ZestMoney will strengthen its technology and data science capabilities as well as expand use cases for the core ZestMoney Affordability Product. Lizzie Chapman, Co-founder, ZestMoney, said: “Xiaomi has built one of the most loved brands in India and they have a passionately consumer-focused philosophy which deeply resonated with our values as a company.” ZestMoney has already worked closely with Xiaomi to create the Mi Finance product to enable Mi customers to buy smartphones with a cardless EMI option. ZetsMoney also works with digital consumer partners including Amazon, Flipkart, UpGrad and Zefo. Chapman said that the company has plans to expand into travel and healthcare sector as well as create additional flexible credit products to suit each stage of a user's life. Further, Chapman said, that the platform is already getting around 300,000 applications per month and does more than 30 million disbursals in a day. Zest targets to reach a run rate of 30 billion disbursals by December 2018.

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