Hearing Plus in talks with Seven Rivers Capital to raise $6 million

Our Bureau Mumbai | Updated on November 13, 2019

Speech therapy start-up Hearing Plus is in talks with investors and strategic partners to raise $5-6 million as a part of its series B round. The funds will be used to expand the products business and widen the reach and distribution of its centers across India.

The company is in advance talks with some investors like Seven Rivers Capital and Siddharth Kothari, Om Kothari Group (in personal capacity) to raise funds.
Somenath Mukherjee, CEO, Hearing Plus said, “In India more than 65 million patients are suffering from hearing loss problem which needs hearing aid support. Penetration rate is only 2% because of lack of good audiologist,good centres etc. There is large scope of growth, we are looking for a long term partnership. ”

In addition to international and domestic financial investors, Hearing Plus aims to reach out to strategic investors to build on synergies that will ensure strengthening of the company’s operations.

The company, backed by Matrix Partners, currently has a network of 37 centers across major cities like Kolkata, Delhi, Mumbai, etc.

The company caters to patients with hearing and speech ailments, by operating a chain of diagnostic centers across India and in the recent times, Hearing Plus has also ventured into speech therapy solutions.

Ashika Capital is facilitating this transaction. The company operates under the flagship of Ashika Group, which is based out of Mumbai.

Mihir Mehta, Vice President, Ashika Capital said, "Hearing Plus has established unparalleled brand equity in the hearing solutions space and the passion of the founding team makes this business a perfect combination of robust product, best-in-class team & notable reach, to tap into a growing market.”

In addition to providing diagnostic services, Hearing Plus has launched a line of in-house hearing aid products and the vision of the company is to grow their products business and focus on providing high quality affordable hearing aids.

Published on November 13, 2019

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