Y Combinator-backed fintech startup BharatX has acquired Zenifi, a healthcare finance startup known for offering zero-cost and low-cost EMI solutions.
With this acquisition, Padam Kataria, the co-founder and CEO of Zenifi, will join BharatX as the head of business for healthcare.
Zenifi, founded in 2023 by Padam Kataria, Harshit Shrivastava, and Rajendra Kulkarni, has been providing affordable EMI options to help healthcare providers improve conversion rates. The company has partnered with multiple hospitals and aggregators, generating an annual demand worth over Rs. 1.2 crore.
The acquisition will enable Zenifi to leverage BharatX’s existing lending platform for better economic outcomes. It will also allow BharatX to enter the healthcare sector, expanding its reach.
BharatX, which supports financing options for over 125 brands in a white-labeled manner, has grown 33 times in the past five quarters and raised over $4.7 million. The startup has disbursed credit to more than 200,000 users.
Mehul Jindal, Co-founder CEO, BharatX says, “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. 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.”
Padam Kataria, CEO, Zenifi, says, “Joining forces with BharatX is a good opportunity for Zenifi. 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. 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.”