Chinese smartphone manufacturer Xiaomi is reportedly planning to pick up a stake in Indian fintech startup ZestMoney in its latest funding round.
A report by ET quoted people familiar with the development to reveal that ZestMoney is also in talks to raise $20 Mn funding with participation from its existing investors including PayU. In this light, the companies have been talking about an investment which will enable closer integration between them to push sales on Mi.com.
Furthermore, Raghu Reddy, head of online sales for Xiaomi, said, “We will look at companies that complement our business, offer affordability and payment solutions, or offer good content that can be part of our devices. For example, in content we invested in Hungama.”
An email query sent to Xiaomi and ZestMoney didn’t elicit any response till the time of publication.
At present, Xiaomi and ZestMoney have already partnered for EMI options for Mi.com customers.
ZestMoney: Streamlining Faster Loans
Founded in 2015 by Lizzie Chapman, Priya Sharma, and Ashish Anantharaman, ZestMoney enables instant account opening and real-time credit approval, combined with digital loan servicing and repayments technology. The Bengaluru-based startup offers enrollment and real-time approval process, integrated with the ecommerce check-out.