The acquisition establishes DMI Finance as the preferred lender on the Zest platform, granting exclusive rights to utilise all Zest brands. According to the company press release, this development positions DMI to broaden its reach among existing and potential customers by incorporating the ZestMoney checkout financing platform into its product suite. Furthermore, DMI intends to leverage its customer base, balance sheet, and extensive risk-management expertise to support growth across Zest's online and offline merchant network.
Founded in 2008, DMI is a pan-India financial services platform with a presence in digital finance, housing finance, and asset management. DMI Finance operates as a digital lender offering consumption, personal, and MSME loans. Zest, established in 2015, operates as a fully automated digital customer onboarding and servicing system. It facilitates customers in applying for and receiving digital credit instantly at the point of sale. With a widespread presence, Zest works with entities such as Amazon, Flipkart, Myntra, MakeMyTrip, Nykaa, Samsung, Apple, Vivo, Croma, and Reliance Digital.
Regarding this new acquisition, representatives from DMI emphasised its significance in enhancing customer and merchant engagement. They also expressed confidence that the move aligns with DMI's commitment to providing digital financial inclusion at scale across India. In turn, officials from Zest welcomed the strengthened partnership with DMI, acknowledging DMI's capital support and deep expertise in the digital lending landscape.
In April 2023, DMI Finance announced the successful completion of a USD 400 million equity investment round led by Mitsubishi UFJ Financial Group. At the time, DMI Finance noted that the Indian financial market has great potential for growth over the next decades. Its representatives also highlighted that there is a large underserved population when it comes to financial services in India, which fuels the company’s goal to promote financial inclusion and support the market.
DMI Finance officials said that powered by digital infrastructure, India is going through an unprecedented transformation. The company revealed its plans to become the trusted partner for Indian households and small businesses in addressing their rapidly growing financial needs.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now