Saturday, June 22, 2024
HomeStart UpBharatX expands into healthcare finance with acquisition of Zenifi

BharatX expands into healthcare finance with acquisition of Zenifi

Y-Combinator-backed fintech startup BharatX has acquired Zenifi, a healthcare finance firm, to enter the medical lending market.

As part of the deal, Zenifi’s CEO, Padam Kataria, will join BharatX as the head of its healthcare business. He will lead the development of the healthcare lending vertical. The companies announced this in a joint statement on Wednesday but did not disclose the financial details.

“We have been working with Zenifi that is addressing this problem head-on by providing realistic and affordable solutions. This acquisition will allow BharatX to go deeper into the healthcare vertical where currently no fintech or traditional players are able to disburse credit instantly, which is critical in emergency healthcare,” said Mehul Jindal, CEO, BharatX. 

Founded in 2019 by Mehul Nath Jindal, Eeshan Sharma, and Shyam Murugan, all National Institute of Technology Trichy graduates, the fintech startup helps consumer-facing platforms offer credit-as-a-feature.

BharatX provides financing options for over 125 brands and has grown more than 33 times in the past five quarters. The company has raised about $4.7 million from investors like Y Combinator, 8i Ventures, Multiply Ventures, and Soma Capital. So far, it has disbursed credit to more than 200,000 users.

Recently, BharatX partnered with Cashfree Payments to enable businesses to launch their own branded buy-now-pay-later solutions. The company has also collaborated with modern brands like Flo Mattress, Snitch, and Mokobara.

Zenifi, launched in 2023 by Padam Kataria, Harshit Shrivastava, and Rajendra Kulkarni, offers zero-cost and low-cost equated monthly installments and instant health loans. These financial solutions aim to improve conversion rates for healthcare providers. Zenifi has partnered with multiple hospitals, generating an annual demand rate of about Rs 1.2 crore.

“Joining forces with BharatX is a good opportunity for Zenifi. We have firsthand experience of making medical lending easy and accessible and with BharatX’s well-established credit as a service, the synergies between the two companies will ensure that we can accelerate the speed with which we capture the market,” Kataria said.

Subscribe To Newsletter


BRL Editor
BRL Editor
Business Review Live covers finance, technology, travel, lifestyle, and everything in between through exclusive interviews and analysis, market statistics, digital video, and an expanded array of content formats.