Hearing Solutions, the company behind the Hearzap hearing care chain, has successfully secured ₹50 crore in funding from the healthcare and life sciences-focused private equity fund of 360 One Asset Management.

S Raja, Managing Director of Hearing Solutions, expressed the company's strategic plans for the newly acquired funds, stating, "We plan to utilise these funds for spreading awareness through digital platforms and increase our footprint across the country."

Hearzap specialises in providing hearing care solutions and has developed a digital suite of audiology applications for remote diagnosis and virtual shopping of hearing care devices.

Raja highlighted that the company aims to reach revenue of ₹100 crore by next year. Last year the company did revenue of ₹60 crore and is looking to hit revenue of ₹75 crore in the current year.

The Hyderabad-headquartered startup also aims to increase its store count from 90 to 150 by the end of the next calendar year.

The company also has plans to launch partner-owned, company-operated stores to engage with a broader audience, especially in Tier II and Tier III cities.

Additionally, Param Gandhi, Co-Founder of Fibmold, and Reihem Roy, Partner at Omnivore, share insights into the future plans of Fibmold, a startup founded in 2022 that focuses on sustainable packaging.

Fibmold recently raised $10 million and specialises in developing eco-friendly molded fiber packaging products, providing alternatives to single-use plastic in various industries.

According to Gandhi, a significant portion of the raised capital will be dedicated to establishing a pilot manufacturing plant. Moreover, a certain amount will be invested in research and development initiatives and team building.

Watch the accompanying video for the entire discussion

(Edited by : Ajay Vaishnav)