Australian buy-now-pay-later company Zip will invest USD 50 million in India.
Zip Co Ltd said on Wednesday that it would acquire a minority interest in the Indian firm ZestMoney, one of the largest Indian buy-now-pay-later (BNPL) operators, founded in 2015.
Zip Co-founder and Chief Executive Officer Larry Diamond said in a statement, “We are excited to partner with ZestMoney to drive fair and responsible payment solutions in India. While ‘Buy Now Pay Later’ is emerging as a preferred mode of payment globally, in India, it also plays a crucial role in driving access to credit. With more people using digital payments and online shopping ZestMoney can positively impact hundreds of millions of lives in the coming years.”
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Zip is Australia’s second-largest BNPL player. The company is expanding its presence in the growing BNPL sector across Europe and the Middle East. It is already doing business in Canada, Czech Republic, Mexico, New Zealand, the Philippines, Poland, Saudi Arabia, South Africa, UAE, the UK, and the US.
Through its investment in Bengaluru-based ZestMoney, the Australian firm is entering India, a market poised to grow based on a massive young demographic.