Matrix Partners India today announced that it has picked up significant minority stake in Hearing Plus, an audiology and speech therapy chain.
Mr. Somenath Mukherjee, Founder and Managing Director said “After graduating from NIHH, I realized that the diagnosis of hearing disability and penetration of hearing aids in India is less than a 10th of developed economies. As social taboo related to wearing hearing aids wanes, I founded Hearing Plus to address patient needs with focus on affordability and convenience. From Kolkata in 2006, we see ourselves as Pan India network by 2015. I strongly believe that partnering with Matrix Partners India will give us the necessary edge to scale rapidly”.
“Hearing disability is amongst the most common but easily addressable ailment. We believe that Hearing Plus’ approach to address access, awareness and affordability will go a long way to improve quality of life of millions. Hearing Plus will be a stellar addition to MPI’s single specialty portfolio”, said Asish Mohapatra, Director, Matrix India.
A single center up until 2012, Hearing Plus currently has 15 clinics in East India. The chain plans to expand its operations across the country to over 100 clinics. Hearing Plus has just started operations in Mumbai and will focus on expanding in metros now.
– Swati, vcBytes.com