Digital lending startup LoanTap acquires healthcare fintech Unofin

Digital lending platform Loan Tap has acquired Unofin, a healthcare-focused fintech startup, to expand its presence in the healthcare finance space in India.

This acquisition will enable LoanTap to gain a better domain understanding and leverage Unofin's relationships with leading hospitals, clinics, and medical equipment suppliers to offer customised financing solutions, said LoanTap in a statement.

So far, Unofin has serviced over 12,000 customers with Rs 120 crore of gross loan disbursal. It has partnered with 1,600 healthcare service providers in seven cities.

LoanTap plans to introduce a range of products, including equipment financing, working capital loans, and term loans, to healthcare professionals and institutions.

"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," said Satyam Kumar, Co-founder and CEO of LoanTap.

According to LoanTap, India's healthcare market is estimated to be $130 billion-$140 billion, with more than $64 billion in the in-patient market. However, 65-70% of the Indian middle class does not have healthcare insurance and most of the remaining 30%-35% are underinsured.

"We are confident that being a part of LoanTap will create a powerful synergy of technology platform and domain expertise in healthcare financing," said Tushar Aggarwal, Co-founder and CEO of Unofin.

"Together, we will be able to offer customised financial solutions to healthcare professionals and institutions that will help them to grow and expand their operations," he added.