BharatX acquires the health-fintech startup Zenifi and ventures into the medical loan industry.

BharatX, a Buy Now Pay Later (BNPL) startup supported by Y-Combinator, has announced its acquisition of the medical care fintech startup Zenifi, marking its entry into the healthcare loans sector in India. Although financial details of the deal were not disclosed, this strategic move aims to expand BharatX’s presence in the growing healthcare industry. As part of the acquisition, Zenifi's Co-founder and CEO Padam Kataria will join BharatX as the Head of Business – Medical Services, leading the development of BharatX’s healthcare lending business. BharatX is already a significant player in the BNPL market, offering financing options to over 125 brands. The company has reported an impressive 33x growth over the past five quarters and has raised over $4.7 million in funding. To date, BharatX has provided loans to more than 200,000 customers.

In a press release, the company stated, “With Zenifi joining BharatX, the team can take advantage of the existing lending platform and achieve better economics. This acquisition will enable BharatX to enter the healthcare sector, which is ripe for disruption and is one of the largest sectors in need of credit following our success in online shopping credit solutions.”

Mehul Jindal, Co-founder and CEO of BharatX, highlighted the significant challenges faced by the healthcare industry in India, particularly regarding financing medical services. He noted, “The healthcare sector in India faces a major challenge in paying for medical services, especially during emergencies. Indians continue to spend the largest amount from their own pockets to access healthcare, making medical services expensive.”