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Fintech startup BharatX acquires Zenifi to enter medical lending market

IANS | May 29, 2024 12:34 PM

NEW DELHI: Y-Combinator-backed BNPL fintech startup, BharatX on Wednesday announced that it has acquired healthcare finance startup Zenifi to enter the medical lending segment.

As part of the deal, the co-founder and CEO of Zenifi, Padam Kataria, will join BharatX as the Head of Business -- Healthcare. He will work on building BharatX’s healthcare lending vertical.

"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, " Mehul Jindal, Co-founder CEO, BharatX, said in a statement.

Founded in 2023 by Kataria, Harshit Shrivastava and Rajendra Kulkarni, Zenifi gained traction in the healthcare sector by offering affordable payment options.

With partnerships established across multiple hospitals and aggregators, the company generated an annual rate of demand worth over Rs 1.2 crore.

"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, " said Padam Kataria, CEO, Zenifi.

Moreover, the company said that this acquisition will allow BharatX to break into the healthcare sector, a sector ripe for disruption and one of the largest sectors needing credit after its disruptive success in online shopping credit solutions.

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