LoanTap, a digital lending platform, has announced the acquisition of Unofin, a healthcare-focused fintech startup.
With this acquisition, LoanTap aims at expanding its presence in the healthcare finance space. LoanTap was already in the healthcare finance segment, and this acquisition will enable the company to gain better domain understanding and serve a much customer base in the healthcare segment.
Satyam Kumar, CEO and Co-founder of LoanTap, said, “This acquisition is a strategic move for us to expand our product offerings and tap into the immense potential of the healthcare sector. We believe that healthcare financing is a niche segment with tremendous growth potential. Unofin’s deep understanding of the industry will help us create innovative solutions that cater to the unique needs of healthcare professionals and institutions.”
Tushar Aggarwal, Co-founder, and CEO of Unofin, said, “We have a physical distribution network of over 1600 healthcare service providers in 7 cities combined, but now with LoanTap’s digital capabilities, we will be able to reach a much larger customer base and provide them with seamless access to credit. Together, we will be able to offer customized financial solutions to healthcare professionals and institutions that will help them to grow and expand their operations.”
India’s healthcare market is estimated to be worth USD 130-140 billion, with more than USD 64 billion in the in-patient market. However, 65-70 per cent of the middle class in India does not have healthcare insurance, and most of the remaining 30-35 per cent are underinsured. The average cost of treatment is around Rs 6-10 lakh, but more than 99 per cent of claims paid are less than Rs 3 lakh. Given the low insurance penetration and coverage, the total addressable healthcare financing market in India is over USD 11 billion.