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Bengal Speech & Hearing Aid Pvt Ltd, a 30-unit strong clinical chain for specialised treatment of hearing and speech problems, has got a ₹25-crore venture capital funding from Matrix Partners India.
Somenath Mukherjee, Director of the Kolkata based start-up company, said on Tuesday that this was based on an enterprise valuation of ₹75 crore. Bengal Speech clocked a turnover of ₹20 crore in 2013-14 and EBIDTA margin of over 7 per cent. Matrix will have an investment lock-in period of seven years from now.
The company is the first such clinical chain venture in the country, set up by professionals. The revenue model is based on fee for diagnosis including tests depending on impairment, sale of equipment and speech therapy. Matrix’s investment has fetched it a board berth in the company with a total of five directors.
The company’s Director said they plan to set up 20 additional clinics during the financial year 2014-15. In September, Bengal Speech set up six clinics; three more are planned by end of December. It has also decided to set up seven clinics in New Delhi, six in Bangalore, and four each in Hyderabad and Chennai by the end of this fiscal.
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