ZestMoney Acquires PhotographAI to Boost its AI capabilities & Credit Access for Indian Consumers
ZestMoney, one of India’s largest digital consumer lending platform acquired PhotographAI, an AI-as-a-service platform offering various computer vision APIs. With this acquisition, ZestMoney will strengthen its capabilities in AI, visual AI and OCR possessing one of the most advanced automated credit assessment capabilities in the market.
Lizzie Chapman, Co-Founder & CEO, ZestMoney, says, “ZestMoney strives to become the preferred lifestyle affordability solution for Indian consumers. Excitingly, we are seeing increasingly high levels of demand from consumers in Tier 1 and beyond - customers traditionally under-served by banks and credit cards. Having a completely digital application process and underwriting process is now critical to serve these customers.”
Founded by IIT Delhi alumnus Mikhil Raj and Karan Varshney, PhotographAI is a Bangalore based AI company that builds solutions facilitating smart image regulations. It delivers image, video and text analytics technologies such as image classification, OCR, document enhancement, text analytics and video analytics supporting e-Commerce and Fintech companies to automate their process and minimize the costs. Prior to this, the company raised funding from Venture Capital firms namely, Orios Venture Partners and IndiaQuotient.
Commenting on the occasion, Mikhil Raj, Founder, PhotographAI, says, “It's an important milestone for PhotographAI team. Our focus has always been to build next generation products for the future and our product line is a proof of the same. We are very happy to accelerate and scale up our impact journey with Zestmoney, given their wide consumer base and zeal to solve the affordability problem in India.”
Zestmoney was founded by technology professionals Priya Sharma, Lizzie Chapman, Ashish Anantharaman in 2015 and was backed by leading global digital financial services investors like PayU, Ribbit Capital, Omidyar Networks and others. It was also awarded the Fintech Startup of the Year 2017 by India FinTech Forum and Lizzie Chapman was named the Fintech Leader of the Year.
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