Audiology chain Hearing Solutions (Hearzap) has raised $6 million in a Series A funding round from 360 One Healthcare Opportunities Fund.
The funds, raised for a minority stake, will be utilised to expand operations nationwide over next three years, according to the Hyderabad-headquartered leader in audiology care that offers an innovative digital suite of applications for remote diagnosis and virtual shopping experience.
“The collaboration with 360 One amplifies our commitment to push the boundaries of what’s possible in hearing health,” Hearing Solutions promoter and Managing Director Selvaraj Rajapandian said.
An alarming rise in hearing health issues was behind Hearzap pioneering tech-based solutions for catering to diverse needs of those affected. With the financial and strategic backing of 360 One team and its expertise in healthcare sector, the company is poised to introduce ground-breaking technology and services that will redefine the approach to the challenges, including awareness, accessibility and affordability.
“Together we look forward to embarking on a journey that will leave a lasting impact on the hearing health industry,” Mr.Rajapandian said. Hearing Solutions has 90 audiology clinics cum hearing experience stores across seven States with a team of more than 100 audiologists. It has exclusive partnerships with reputed international hearing aid brands.
360 One Healthcare Opportunities Fund is the newly launched healthcare and lifesciences focused private equity fund of 360 ONE Asset Management. “This is our first investment from 360 One Healthcare Opportunities Fund and underlines the focus on identifying and investing into breakout opportunities in the healthcare space,” said Nidhi Ghuman, Senior Executive Vice President of 360 One Asset.
“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,” she said. Veda Corporate Advisors was the exclusive financial advisor to the company.