The company boards and investors have been informed that PhonePe is not going ahead with the acquisition after months of due diligence
Sustainability of the business and shareholding structure of ZestMoney was one of the key reasons for this deal being cancelled
The BNPL platform had been on the lookout for a buyer as it struggled to raise fresh funds from investors
Fintech major PhonePe has reportedly cancelled its plan to acquire buy-now-pay-later (BNPL) platform, ZestMoney.
The company boards and investors have been informed that PhonePe is not going ahead with the acquisition after months of due diligence, ET reported.
Lack of due diligence, disagreements over valuation, sustainability of the business and shareholding structure of ZestMoney, were the key reasons for this deal being called off.
Further, the role of the parent company Primrose Hi
