Matrix Partners India has announced that it has picked up significant minority stake in Hearing Plus, an audiology and speech therapy chain in East India. Head quartered in Kolkata, Hearing Plus was started by Mr. Somenath Mukherjee along with his 10 classmates in 2006. The company has grown rapidly from 2012 and have expanded to 15 clinics in East India. The chain plans to expand its operations across the country to over 100 clinics with a focus on metros now.
Famous in audiology as ‘Hearing Plus’ and speech therapy as ‘Speech Plus’, the brands are synonymous with accurate and ethical diagnosis, strong after sales support, affordable price points and customer convenience like providing home care.
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.
In healthcare, the firm has invested in several market leading companies/ chains like Centre for Sight (eye care), Cloudnine (maternity and infant care), Mewar Ortho (orthopedic care), Enhance (cosmetology), Meditrina (interventional cardiology) and Techmed (hospital lab management).
Asish Mohapatra, Director, Matrix India commented on the recent investment,
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.
Other major investments of INR 3000 crores fund Matrix Partners India includes companies such as Mswipe (mobile POS), LimeRoad (mobile social commerce), Ola (online cab aggregator), Quikr (online classifieds), TreeHouse Education (preschools), Chumbak (design led consumer products), Newshunt (vernacular mobile platform) and W (women’s ethnic wear) among others.