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    APT   AU000000APT1

AFTERPAY LIMITED

(APT)
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Australia's Zip enters Indian buy-now-pay-later space with ZestMoney deal

09/22/2021 | 03:50pm EDT

(Reuters) - Australian buy-now-pay-later (BNPL) firm Zip Co Ltd said on Wednesday it would invest $50 million to acquire a minority interest in Indian peer, ZestMoney, as part of its plans to tap new growth markets and add investors.

The investment comes at a time of increasing popularity of the BNPL sector, where customers pay in instalments without any interest for their online purchases, as the COVID-19 pandemic pushed young shoppers to look for easier access to credit.

Zip, Australia's second-biggest BNPL player, is expanding its footprint in the rapidly growing sector, acquiring companies in Europe and the Middle East over the past one year.

Its investment in Bengaluru, India-based fintech ZestMoney marks its entry into a market with a massive young demographic, which is gravitating more towards cash-less payments and has a huge growth potential in the BNPL and e-commerce space.

"With deep partnerships with online and offline merchants and lending partners, ZestMoney is poised to accelerate growth as the market develops," Zip Chief Executive Officer Larry Diamond said.

Zip said it had negotiated terms to increase its shareholding in ZestMoney over time.

The BNPL space saw established players testing newer areas of business to power growth, with Australian BNPL giant Afterpay getting a $29 billion offer from Square Inc, and U.S. payments giant PayPal acquiring a Japanese firm for $2.7 billion.

(Reporting by Sameer Manekar in Bengaluru, Editing by Sherry Jacob-Phillips)


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
AFTERPAY LIMITED 0.06% 126.33 End-of-day quote.7.06%
PAYPAL HOLDINGS, INC. -4.90% 245.625 Delayed Quote.10.32%
ZIP CO LIMITED -0.42% 7.09 End-of-day quote.34.03%
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Analyst Recommendations on AFTERPAY LIMITED
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Financials
Sales 2022 1 470 M 1 101 M 1 101 M
Net income 2022 -38,0 M -28,4 M -28,4 M
Net Debt 2022 757 M 567 M 567 M
P/E ratio 2022 -11 464x
Yield 2022 -
Capitalization 36 669 M 27 461 M 27 458 M
EV / Sales 2022 25,5x
EV / Sales 2023 16,7x
Nbr of Employees 1 300
Free-Float 77,7%
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Afterpay Limited Technical Analysis Chart | APT | AU000000APT1 | MarketScreener
Technical analysis trends AFTERPAY LIMITED
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Mean consensus OUTPERFORM
Number of Analysts 12
Last Close Price 126,33 AUD
Average target price 132,91 AUD
Spread / Average Target 5,21%
EPS Revisions
Managers and Directors
Anthony Mathew Eisen Co-CEO, Executive Director & Managing Director
Nicholas David Molnar Co-CEO, Executive Director & Managing Director
Rebecca Lowde Chief Financial Officer
Elana Rubin Independent Chairman
Dana Stalder Independent Non-Executive Director
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