As part of the deal, Zenifi CEO Padam Kataria will join BharatX as the head of its healthcare business to build the healthcare lending vertical, the companies said in a joint statement on Wednesday without disclosing the financial details of the deal.
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“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,” said Mehul Jindal, CEO, BharatX.
Founded in 2019 by Mehul Nath Jindal, Eeshan Sharma and Shyam Murugan, all graduates of the National Institute of Technology Trichy, BharatX enables consumer-facing platforms to offer credit-as-a-feature.
BharatX said it enables financing options for more than 125 brands, has grown more than 33 times in the past five quarters and has raised about $4.7 million from the likes of Y Combinator, 8i Ventures, Multiply Ventures and Soma Capital. The company said it has disbursed credit to more than 200,000 users so far.
Recently, BharatX partnered with payments gateway firm Cashfree Payments to help businesses launch their own custom branded buy-now-pay-later solutions. The company has also collaborated with new-age brands such as Flo Mattress, Snitch and Mokobara.
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Zenifi, launched in 2023 by Kataria, Harshit Shrivastava and Rajendra Kulkarni, offers zero-cost and low-cost equated monthly instalments and instant health loans to improve conversion rates for healthcare providers. It has partnered with multiple hospitals, generating an annual rate of demand of about Rs 1.2 crore.“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,” Kataria said.
