ZestMoney, the buy-now-pay-later (BNPL) platform, has been acquired by the DMI group in a fire sale transaction. The deal size was not disclosed. The financial services firm said in a statement late on Wednesday that it will have the exclusive rights to the use of all Zest brands and that DMI Finance, its NBFC arm, will be a preferred lender on the Zest platform.

According to DMI, the acquisition will enable it to widen its engagement with current and potential customers by adding the ZestMoney checkout financing platform to its product suite. DMI also intends to bring its customer base, balance-sheet strength and significant risk-management experience to drive growth across Zest’s online and offline merchant network, the company added.

Founded in 2008, DMI, which has more than 40 offices in the country, is a pan-India financial services platform with core businesses in digital finance, housing finance and asset management. It has raised over $1.5 billion of investment capital and is supported by global institutional investors, strategic family offices and leading international banks.

DMI includes DMI Finance, which is a pure-play digital lender with products, including consumption, personal and MSME loans. The company added that it leverages technology to optimise every step in the lending stack, from sales and underwriting through to customer service and collections.