ZestMoney Founders - Lizzie Chapman, Priya Sharma, and Ashish Anantharaman resigned on May 15 just two months after PhonePe walked away from a deal to acquire the buy now pay later (BNPL) platform.
The resignations further raise concerns about the cash-strapped company’s survival. Chapman was the CEO, while Sharma served as the firm’s COO and Anantharaman was the CTO.
Champan told employees in a Slack post about their resignation.
"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 decided to step down from our roles as CEO (Lizzie), CFO & COO (Priya), and CTO (Ashish) at ZestMoney," the founders said in the post.
The founders will continue to be shareholders of ZestMoney.
"Myself (Chapman), Priya and Ashish will continue to be significant shareholders in the company and therefore we will continue to be the biggest cheerleaders and supporters in every way," the Slack post addressed to employees said.
PhonePe's cofounder and CEO Sameer Nigam said that the company has hired some ZestMoney employees and purchased the company's tech Intellectual Property (IP) copy.
"The Tech IP copy was purchased with the company's founders, board, and investors' consent. The employees were hired with ZestMoney's consent since they had to downsize...We wish ZestMoney a bright future and are rooting for them to turn things around," Nigam wrote on Twitter after the resignation announcement.
See What’s Next in Tech With the Fast Forward Newsletter
Tweets From @varindiamag
Nothing to see here - yet
When they Tweet, their Tweets will show up here.
