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BharatX acquires Zenifi to enter healthcare financing sector

Mergers and acquisitions

Buy Now Pay Later (BNPL) launch powered by Y-Combinator BharatX announced the acquisition of healthcare fintech startup Zenifi, marking its foray into the medical lending segment in India. While the financial details of the transaction have not been disclosed, the strategic move is intended to expand BharatX’s presence in the emerging healthcare sector.

As part of the acquisition, Zenifi’s co-founder and CEO Padam Kataria will join BharatX as Business Director – Healthcare. Kataria will spearhead the development of BharatX’s health lending business.

“By being part of BharatX, the Zenifi team can leverage the already existing lending platform and achieve better economics. And this acquisition will enable BharatX to tap into the healthcare sector, a sector ripe for disruption and one of the biggest sectors in need of credit after its disruptive success in online shopping credit solutions,” the company said in a statement.

Mehul Jindal, co-founder and CEO of BharatX, highlighted the challenges facing the healthcare sector in India, especially when it comes to financing medical services. “The healthcare sector in India faces a significant challenge when it comes to paying for medical services. This becomes a problem especially in emergency situations. India continues to spend the most out-of-pocket to access healthcare, so using healthcare facilities is an expensive solution,” Jindal said.

BharatX has already established itself as a major player in the BNPL market and provides financing options for more than 125 brands. The company has seen remarkable 33x growth over the past five quarters and has raised more than $4.7 million in funding. To date, BharatX has disbursed loans to over 200,000 users.

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Regarding the acquisition, Padam Kataria expressed optimism about the synergy between the two companies. «We have first-hand experience of making medical loans easy and affordable, and with BharatX’s well-established loan-as-a-service, the synergy between the two companies will ensure that we can accelerate the speed at which we acquire the market,» he said.

The healthcare market in India is poised for significant growth. According to a Bain & Company report published in March, India’s healthcare market was valued at around $180 billion in fiscal 2023 and is expected to grow at a compound annual rate of around 12% to reach around $320 billion by fiscal 2028. The medical technology (medtech) segment, valued at around US$11 billion, is largely dominated by imports, which account for 75% to 80% of the market.

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