LoanTap, a well-known digital lending platform, has announced the acquisition of Unofin, a fintech company with a focus on healthcare, in order to expand its presence in the healthcare finance industry. The purchase is a part of LoanTap’s strategic effort to provide affordable financing options for healthcare needs.
In India, the market for inpatient care is anticipated to be worth between $130 and 140 billion dollars. Nonetheless, the majority of India’s remaining 30–35% middle class—roughly 65–70% of them—does not have health insurance.
The typical cost of therapy is roughly INR 6–10 lakh, however, more than 99% of claims paid are INR 3 lakh or below. Due to the low insurance penetration and coverage, India’s overall addressable healthcare financing market is only worth about $11 billion.
With this acquisition, LoanTap hopes to gain access to Unofin’s experience in healthcare finance and broaden its presence in India’s fast-expanding healthcare market. With the use of technology to connect with clients and clinics, Unofin has established a sizeable competitive edge. Their total gross loan disbursements to date are INR 120 crore, serving over 12,000 consumers.
Due to its affiliation with more than 1600 healthcare service providers in seven cities, Unofin is a major participant in the financing of healthcare. LoanTap was previously involved in the healthcare finance sector, and this acquisition will allow the business to expand into a much wider market and obtain a deeper understanding of the industry.
The CEO and co-founder of LoanTap, Satyam Kumar, expressed his excitement at welcoming Unofin to the company. The goal of this acquisition is to broaden our product lineup and take advantage of the enormous potential in the healthcare industry. According to us, the niche market of healthcare financing has enormous room for expansion. Our ability to develop cutting-edge solutions that meet the specific requirements of institutions and healthcare professionals will be aided by Unofin’s extensive knowledge of the sector. In addition to developing a solid team and an excellent tech stack, Soumya and Tushar are both fantastic leaders.
The acquisition will also allow LoanTap to take advantage of Unofin’s solid connections with top medical equipment manufacturers, clinics, and hospitals to provide these organizations with specialized financing options. Healthcare professionals and organizations will soon have access to a variety of products from LoanTap, including term loans, working capital loans, and equipment financing.
Co-founder and CEO of Unofin, Tushar Aggarwal, stated, “We are convinced that joining LoanTap will generate a tremendous synergy of technological platform and domain experience in healthcare financing. With LoanTap’s digital capabilities, we will be able to reach a significantly bigger customer base and give them easy access to financing.
Currently, we have a physical distribution network of over 1600 healthcare service providers in seven cities combined. Together, we will be able to provide healthcare professionals and institutions with specialised financial solutions that will aid in their business expansion and growth.
