Y-Combinator-backed BNPL FinTech startup, BharatX has acquired Zenifi, a healthcare finance startup providing zero-cost and low-cost EMI solutions. With this acquisition, BharatX will be entering the medical lending segment, the companies informed in a joint statement.
The statement said that as part of the deal, Padam Kataria, Co-Founder and CEO, Zenifi, will join BharatX as the Head of Business – Healthcare, and will work on building BharatX’s healthcare lending vertical.
Mehul Jindal, Co-Founder and CEO, BharatX, said in the statement, “Healthcare sector in India faces a significant challenge when it comes to paying for medical services. This becomes a problem, especially during emergencies. Indians continue to spend the largest amount for accessing healthcare through their own pockets, making availing medical facilities an expensive proposition. 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.”
Further, as per the statement, BharatX has a long-standing partnership with Zenifi as they were one of the earliest partners to provide a lending platform to extend credit.
Padam Kataria, Co-Founder and CEO, Zenifi, also said in the statement, “Joining forces with BharatX is a good opportunity for Zenifi. We have first-hand 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. Our goal is to offer easy credit solutions to millions of Indians who are currently left with no choice, but to pay OOP for medical situations.”