ZestMoney, a leading AI-driven ‘Buy Now Pay Later’ (EMI) platform in India, today announced that it ranked second on the Deloitte Technology Fast 50 India 2020, a ranking of the 50 fastest growing technology companies in India. Rankings are based on percentage revenue growth over three years. ZestMoney grew 2,706 percent during this period.
“Attracting and retaining customers consistently has been key to achieving such fast growth over three years makes a strong statement about the quality of a company’s business model, implementation of plans and its leadership,” said Rajiv Sundar, Partner and Program Director – Technology Fast 50 India 2020, DTTILLP. “ZestMoney has shown the right calibre for growth.”
Lizzie Chapman, CEO and Co-Founder ZestMoney said, “This recognition is a testament to ZestMoney’s resilience and our ability to deliver accessible credit to our customers even in the most challenging of times such as the pandemic. 2020 was a pivotal year for Buy Now, Pay Later in India and the category is poised to grow further with the growing demand for contextual new-age credit solutions. We believe India will emerge as the largest market for BNPL and are committed to improving the lives of consumers by driving affordability through our offerings. All this while we are firmly focussed on building a sustainable business model.”
“Our continuous effort on expanding the BNPL offering to over 3,000 online and 15,000+ offline networks, end to end digital customer experience and deep partnerships with banks has helped us scale operations significantly over the last 3 years. We are doing 150% of pre Covid business now and expect the consumer shift to Pay Later playing out strongly this year,” added Lizzie.
The Deloitte Technology Fast 50 India program, which was launched in 2005, is conducted by Deloitte Touche Tohmatsu India LLP (DTTILLP), and is part of a truly integrated Asia Pacific program recognising the India’s fastest growing and most dynamic technology businesses (public and private) and includes all areas of technology – from internet to biotechnology, from medical and scientific to computers/hardware.
The program recognises the fastest growing technology companies in India based on their percentage revenue growth over the past three financial years.
ZestMoney recently completed five years of operations, marking a crucial milestone in its journey. It has 6 million registered users on its platform with over 70% of the customers based outside Tier I cities.
The company helps customers spread costs with simple, transparent EMI options. It is deeply integrated with largest merchants in India including Amazon, Flipkart, MakeMyTrip among others increasing the affordability of their products and helping them facilitate frictionless sales at higher conversion rate to a large base of customers. Apart from 3,000+ online partners, it is available at 15,000+ offline stores, making the company a market leader in the space. It plans to scale to 4 lakh stores this year.
ZestMoney has built a platform that integrates mobile technology, digital banking, and artificial intelligence, enabling people to apply for and get a BNPL credit line in a matter of seconds.
In 2020, ZestMoney was awarded as a Technology Pioneer by the World Economic Forum for its innovative technology and work to make affordable digital finance accessible. Earlier this year, ZestMoney received its Great Place to Work® certification.