The founders of ZestMoney, India's digital EMI financing platform, have reportedly resigned as the Goldman Sachs-backed fintech startup has failed to raise fresh capital.
According to a TechCrunch report, its founders Lizzie Chapman, Priya Sharma and Ashish Anantharaman informed employees about their decision via an email.
"Over the last few weeks, we have done a lot of thinking and it has been hard for us to arrive at this conclusion. We have immense belief and faith in the potential that ZestMoney has, " the founders wrote.
"We will also ensure to provide full support to the incoming management team and do everything we can to support them for the next 4 months to ensure a smooth transition, " they added.
Chapman said that she and other founders remain shareholders in ZestMoney.
The founder's decision came after a potential deal to acquire ZestMoney by leading fintech company PhonePe fell through recently.
ZestMoney was valued at $445 million last year and has raised over $130 million from a range of investors, like Ribbit Capital, Omidyar Network, PayU, Xiaomi and Alteria Capital, among others.
Last month, Bengaluru-based ZestMoney laid off about 20 per cent of its workforce, which impacted nearly 100 employees.
The company last year had a network of merchants with more than 10, 000 online partners and 75, 000 physical stores.
It reported a registered user base of 17 million and was live at 85, 000 retail touch-points across the country.