Hyderabad’s innovative hearing care provider Hearzap has recently announced a significant funding boost, having secured approximately $6 million from the healthcare and lifesciences-focused private equity arm of 360 One Asset Management Ltd. This strategic financial influx is earmarked for accelerating Hearzap’s expansion across India within the next three years, signaling a major step in the company’s growth trajectory.
As the exclusive financial advisor, Veda Corporate Advisors played a pivotal role in the facilitation of this deal, which represents the first investment for 360 One’s healthcare fund. Hearzap, renowned for its comprehensive hearing solutions, operates a digital platform that enables remote diagnosis and the virtual sale of hearing aids and other devices. The company’s robust presence is marked by its network of about 90 audiology clinics and hearing experience stores sprawling across seven states, supported by a dedicated team of 100 audiologists.
Selvaraj Rajapandian, the visionary founder and managing director of Hearzap, highlighted the company’s commitment to addressing the increasing hearing health challenges with advanced technology and services. The partnership with 360 One brings not only financial reinforcement but also strategic guidance, leveraging 360 One’s deep expertise in the healthcare sector to redefine hearing care approaches.
Nidhi Ghuman, the senior executive vice president at 360 One Asset Management, underscored the potential of the hearing health market and lauded Hearzap for its trailblazing role in the domain. With 360 One managing a substantial portfolio across various sectors, including healthcare, technology, and consumer industries, this investment in Hearzap is a testament to the firm’s confidence in Hearzap’s innovative business model and its future in the Indian market.
The announcement also aligns with 360 One’s strategic shift towards sector-specific private equity funding, a move that was made public last August, with the healthcare fund being one of the primary focuses, although details of the fund size remain undisclosed. With this partnership, Hearzap is set to not only expand its footprint but also enhance its technological offerings in the healthcare space, charting a new course for hearing care in India.
