BNPL service provider ZestMoney raises $7-M from existing investors led by Quona

Bengaluru-based 'buy-now, pay-later' (BNPL) service provider ZestMoney has raised USD 5-7 million from a clutch of investors, including existing backer Quona Capital. Zip, Omidyar Network India, Flourish VC and Scarlet Digital are the other entities that are known to have participated in the latest funding round. The funding comes in the wake of payments major PayU writing off its investment in the company. Last fiscal, PayU's close to 15% stake in ZestMoney was valued at USD 38 million. The equity infusion will help keep the company on track while it attempts to turn around after the failed acquisition bid by PhonePe.