BharatX buys Health-fintech startup Zenifi & enters into the Medical Loan sector
BharatX, Y-Combinator-supported Buy Now pay later – BNPL startup has reported the acquisition of medical care fintech startup Zenifi, foraying its introduction to the clinical loans portion in India.
While the monetary subtleties of the arrangement were not uncovered, this essential move is set to grow BharatX’s impression into the thriving medical services area.
As a feature of the procurement, Zenifi fellow Co-founder and CEO Padam Kataria will join BharatX as the Head of Business – Medical services. Kataria will initiate the advancement of BharatX’s medical services loaning business. BharatX has previously secured itself as a huge player in the BNPL market, giving supporting choices to more than 125 brands.
The organization revealed an exceptional 33x development over the beyond five quarters and has brought more than $4.7 million up in financing. Until this point, BharatX has dispensed loans to more than 200,000 clients.
In an official statement, the company said, “By being a part of BharatX, Zenifi team can leverage the pre-existing lending platform and realise better economics. And 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”.
The Co-founder and CEO of BharatX, Mehul Jindal, l underscored the challenges faced by the healthcare industry in India, especially in terms of financing medical services by saying “Healthcare sector in India faces a significant challenge when it comes to paying for medical services. This becomes a problem especially during emergencies. India continues to spend the largest amount for accessing healthcare through their own pockets, making availing medical facilities an expensive proposition”.
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