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ZestMoney looking to lay off employees after deal with PhonePe fails

ZestMoney founders held a town hall on March 30 and informed employees about layoffs across depts, say sources; not known yet how many would be asked to go

Peerzada Abrar Bengaluru

Stress, depression, burnout, employees, workers, jobs, wfh, work from home, work

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2 min read Last Updated : Mar 31 2023 | 11:23 PM IST

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ZestMoney is looking to lay off several employees a day after Walmart-backed PhonePe decided to halt its proposed acquisition of the Bengaluru-based buy now, pay later (BNPL) platform. The Goldman Sachs- and Xiaomi-backed firm has about 450 employees, all of whom were expected to be absorbed by PhonePe if the acquisition had matured.

ZestMoney founders held a town hall on March 30 evening and informed employees about layoffs across departments, according to the sources. However, it is not known yet how many employees would be laid off.

"The company is working on a business continuity or a survival plan and layoffs are part of it,” said a person familiar with the matter. “The impact of the layoffs would be known in the next one or two weeks.”