While evaluating the acquisition of ZestMoney, PhonePe Co-founder and CEO Sameer Nigam said that their due diligence (DD) did not meet the bar and hence the deal fell through. Nigam suggested that ZestMoney's assets were one of the reasons why PhonePe pulled out of the deal. On Tuesday, PhonePe launched its e-commerce app Pincode built on the government's ONDC.