Private equity fund of 360 One Asset Management Ltd invested $6 million (about Rs 50 crore) in capital to Hearing Solutions Pvt Ltd, the company that operates the Hearzap chain of hearing aids.
Over the following three years, Hyderabad-based Hearzap plans to expand its operations throughout India with the additional funds, the company announced in a statement.
“The rise in hearing health issues has driven Hearzap to pioneer tech-brd solutions that cater to the diverse needs of those affected. With the financial and strategic backing of 360 One and its expertise in the healthcare sector, Hearzap is poised to introduce technology and services that will impact the approach to this concern” said Selvaraj Rajapandian, founder and managing director, Hearzap.
The transaction’s sole financial advisor was Veda Corporate Advisors. Indeed, this is the first investment made by 360 One’s PE fund, which focuses on healthcare and life sciences, as reported by VCCircle.
“Hearing Health is an attractive and growing market. Hearzap has been a pioneer in offering hearing health solutions in India and is now leveraging technology to offer these products and services at scale,” Nidhi Ghuman, senior executive vice president, 360 One Asset Management Ltd.
In addition to providing hearing care solutions, Hearzap has created a digital audiology application suite that allows for virtual shopping for hearing aids and remote diagnostics. In addition, it employs 100 audiologists and operates over 90 audiology clinics/hearing experience stores in 7 states.
About Hearing Solutions
With more than 40 years of experience, Hearing Solutions is a sophisticated, client-centered clinic providing speech, hearing, and medical services across Andhra Pradesh, Telangana, and Tamil Nadu.
The newest and best equipment, such as digital hearing aids, hearing aid accessories, and solutions for all kinds of hearing loss, are available at Hearing Solutions clinics.