Digital lending platform LoanTap has acquired Unofin, a healthcare-focused fintech startup, to expand its footprint in the healthcare finance space in India.
With the help of Unofin’s relationships with leading hospitals, clinics, and medical equipment suppliers, LoanTap will be better equipped to understand the sector and provide customized financing solutions.
With a gross loan disbursal of Rs 120 crore, Unofin has served over 12,000 customers. It has partnerships with 1,600 healthcare service providers in seven cities.
Healthcare professionals and institutions will soon have access to various LoanTap products, including term loans, working capital loans, and equipment financing.
“We believe that healthcare financing is a niche segment with tremendous growth potential. Unofin’s deep understanding of the industry will help us create innovative solutions that cater to the unique needs of healthcare professionals and institutions,” said Satyam Kumar, Co-founder and CEO of LoanTap.
The healthcare sector in India is estimated at around $130 billion – $140 billion, with the in-patient market accounting for more than $64 billion, according to LoanTap. Since most of the remaining 30%-35% are underinsured, 65-70% of the middle class in India lacks health insurance.
“We are confident that being a part of LoanTap will create a powerful synergy of technology platform and domain expertise in healthcare financing,” said Tushar Aggarwal, Co-founder and CEO of Unofin.
“Together, we will be able to offer customized financial solutions to healthcare professionals and institutions that will help them to grow and expand their operations,” he added.
