Zenifi offers low-cost and free EMIs to help healthcare providers increase conversion rates by giving walk-in patients reasonable payment choices for their service.
They have partnerships with several hospitals and aggregators, resulting in an annual demand rate of more than Rs. 1.2cr.
A fintech business called BharatX, supported by Y Combinator, is resolving credit issues for the middle and upper classes in India. These individuals, while having adequate income, are unable to obtain credit because of inadequate documentation.
BharatX, a BNPL FinTech firm financed by Y-Combinator, has acquired Zenifi, a healthcare finance startup offering low-cost and zero-cost EMI options.
With this acquisition, BharatX, which offers credit as a service to end customers, will join the medical financing market.
As a condition of the agreement, Padam Kataria, co-founder and CEO of Zenifi, would become the Head of Business – Healthcare at BharatX. Using the wealth of industry knowledge he acquired while working at Navi and Zenifi, Padam will spearhead the development of BharatX’s healthcare financing vertical.
In 2023, Padam Kataria, Harshit Shrivastava, and Rajendra Kulkarni launched Zenifi. By providing accessible payment methods, Zenifi became popular in the healthcare industry. Zenifi’s collaborations with several hospitals and aggregators have resulted in an annual demand rate exceeding Rs. 1.2cr.
Since Zenifi was among the first partners to offer a lending platform for credit extension, BharatX and Zenifi have a long-standing collaboration. The Zenifi team may take advantage of the current financing platform and attain improved economics by joining BharatX. And thanks to this acquisition, BharatX will be able to expand into the healthcare industry, which is one of the most credit-dependent industries and is ready for disruption following its ground-breaking success in online shopping credit solutions.
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.”
BharatX provides financing options in a white-label fashion for over 125 brands. They have raised over $4.7 million to date and have expanded 33X in the last five quarters. They are working to find a solution to the credit issue facing India’s middle and upper classes, who, while having a good salary, are unable to obtain credit because of a lack of supporting documentation. More than 200,000 people have received credit from them thus far, and they are attempting to close a significant hole in the market that traditional lending institutions left behind.
In addition to its current alliances with companies like Flo mattress, Snitch, and Mokobara, BharatX also announced agreements with Cashfree, a well-known payment platform. The company is still looking for new prospects.