Could not deal with PhonePe! ZestMoney has decided to lay off, 20% employees will be affected

ZestMoney Layoffs 2023: ZestMoney, the famous platform of Buy Now Pay Later, has decided to lay off. Due to the worldwide recession, many companies have decided to lay off employees. Many startup companies are also included in this. Recently, Zestmoney was in talks with PhonePe to save its business, but the deal could not happen. In such a situation, now Zestmoney has decided to lay off 20 percent of its total employees. The company is now about to show the way out to a total of 100 employees.

information provided to employees

After the cancellation of the deal with PhonePe, the top executives and founders of Zestmoney have decided to lay off employees after a meeting on 6th April. A list of 20 percent of the total employees was prepared in this meeting. Employees have been informed about this. Many facilities like company one month salary and health assistant will also be given to the fired employees. The total number of employees in the company is 450.

Could not deal with PhonePe

There were rumors of layoffs in ZestMoney for a long time, as the company’s deal with PhonePe was cancelled. A few days back Priya Sharma, the founder of this startup company, had talked about giving jobs to her employees. Since then, it was being feared that soon the company may lay off on a large scale. According to the report published in Money Control, PhonePe may have refused to buy Zestmoney, but it is ready to hire 200 employees of this startup company. But till now no official statement has been given by the company on this.

Why the deal could not be done between PhonePe and Zestmoney?

Recently, the Reserve Bank in its order prohibited non-banking institutions and fintech companies from increasing the credit line on prepaid cards or wallets. This decision had a very bad effect on Zestmoney. But when this deal was not completed on the phone, it was said that there were some legal loopholes in this deal. After this the company decided to withdraw from this deal.

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