Audiology Chain Hearing Solution (Hearzap) Secures $6M in Series A Funding from 360 One Healthcare Opportunities Fund

• ByStartupStory     |    November 9, 2023

Hyderabad-based audiology chain Hearing Solution, known as Hearzap, has successfully raised Rs 50 crore (approximately $6 million) in Series A funding from 360 One Healthcare Opportunities Fund. The private equity (PE) fund specializes in healthcare and life sciences under 360 ONE Asset. In exchange for a minority stake, the funds obtained from 360 One Healthcare Opportunities Fund will be utilized to scale up Hearzap’s operations across the country over the next three years.

Veda Corporate Advisors served as the exclusive financial advisor to Hearzap. The investment is expected to play a pivotal role in fueling the expansion of Hearzap, enabling it to cater to the growing demand for hearing health solutions in India.

360 One Healthcare Opportunities Fund, a PE fund with a focus on healthcare and life sciences, expressed confidence in Hearzap’s potential to make a significant impact in the hearing health market. “Hearing Health is an attractive and growing market. We were deeply impressed with Raja and his team’s deep understanding of customers’ needs and the challenges of the 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,” commented Nidhi Ghuman, Senior Executive Vice President at 360 ONE Asset.

Hearzap, led by Founder and Managing Director Selvaraj Rajapandian, operates a digital suite of applications for remote diagnostics and virtual shopping experiences in the audiology sector. The company, based in Hyderabad, manages over 90 audiology clinics that also function as hearing experience stores in seven states, providing hearing care services with a dedicated team of over 100 audiologists.

360 ONE Asset Management, a part of 360 ONE, is an alternate asset management firm with a substantial portfolio exceeding $7 billion in alternate assets and public market mandates. The PE arm of 360 ONE, 360 ONE PE, manages approximately $2.5 billion and focuses on healthcare, technology, financial services, and consumer industries. The fund has a track record of investments in healthcare entities such as Kauvery Hospitals, Nephroplus, and Infigo Eye.

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Selvaraj Rajapandian expressed optimism about the collaboration, stating, “With the financial and strategic backing of the 360 One team and its significant expertise in the healthcare sector, Hearzap is poised to introduce ground-breaking technology and services.” The investment is poised to propel Hearzap’s mission to provide innovative hearing health solutions with a focus on leveraging advanced technology for wider accessibility.

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