Skip to main content

Deal Alert: Ennovent, Ankur Capital, others back Assam eye care chain ERC

Ennovent Impact Investment Holding and Ankur Capital along with Ennovent Circle members, Beyond Capital Fund and Sadeesh Raghavan closed an angel investment round in Assam-based eye care company, ERC Eye Care Pvt. Ltd (ERC) today.

The investment in ERC is the second investment made by Ennovent’s Impact Investment Holding and also the third deal facilitated by the Ennovent Circle – an exclusive group that collaborates to accelerate innovations for low-income markets – since it’s launch in April 2012.

According to the World Health Organization, 18.8% of Indians suffering from cataracts belong to the state of Assam. Founded by Guwahati based ophthalmologist, Dr.Parveez Ubed, ERC provides affordable, quality eye care to underserved communities in North East India through a hub and spoke model with vision centre's, satellite clinics and a hub hospital. ERC also offers primary medical services such as optical retail, pharmacy and consultation services.

ERC's current setup includes 3 vision centers in Jorhat and nearby areas. The company also runs camps to reach out to smaller villages where setting up centres is not economically viable. For its work, ERC has won several awards including Mahindra Spark the Rise and Eureka of IIT Mumbai amongst others.

With this investment, ERC aims to expand their operations and provide affordable, accessible and inclusive eye care across the various districts of Northeast India.

“This investment will enable ERC to not only expand the number of vision centres we operate currently but also to launch our first hub hospital. We also hope to further scale ERC’s IT systems, telemedicine facilities and quality standards”, says Dr. Ubed.

Speaking about the investment, Saurabh Lahoti, Director – Finance at Ennovent says, “ERC delivers strong value by leveraging the hub and spoke model to deliver quality eye care services at a cost lower than the opportunity cost of travelling to a nearby district for similar services.”

The Northeastern states of India have the highest prevalence of blindness in the country. In Assam, ERC is making an impact by keeping its capital and operating expenditures low; thereby enabling the company to providing affordable eye care, especially in the remote villages that have hitherto not had access to such services.

Ennovent Circle member and angel investor, Sadeesh Raghavan, further adds, “ERC with its portfolio of eye care services is backed by a passionate team and will impart a huge social impact in Assam where limited healthcare infrastructure, especially for eye care exists. The Ennovent Circle has done a tremendous job in matching high potential sustainable enterprises working in low-income markets such as ERC with like-minded angel and institutional impact investors.”

About Ennovent
Ennovent is an innovation accelerator. We provide services to accelerate for-profit innovations for sustainability in low-income markets in developing countries. We specialise in helping clients discover enterprises with novel solutions, develop business models to start-up enterprises, provide finance by facilitating early-stage investments and grow operations to scale profit and impact. Since 2008, Ennovent has worked with over 25,000 Network members, 16 Circle members and 10 Solution clients to accelerate over 115 innovations in 10 countries. www.ennovent.com

About ERC Eye Care Pvt. Ltd.

ERC provides affordable, quality eye care to underserved communities in North East India through a hub & spoke model with vision centres, satellite clinics and a hub hospital. ERC also offers primary medical services such as optical retail, pharmacy and consultation services. Since commencing operations in May 2011, ERC operates three vision centres and runs 10 vision camps a month in remote villages across Assam.

Venture Intelligence is the leading provider of data and analysis on Private Company Financials, Transactions (private equity, venture capital and M&A) & their Valuations in India. Click Here to view our products list including the Free Deal Digest Weekly: India's First & Most Exhaustive Transactions Newsletter.

Popular posts from this blog

VC Interview: Shailendra Singh of Sequoia Capital India

In a recent interview to Venture Intelligence, Shailendra Singh discussed some of the firm’s newer investments in the early stage segment including in the online payments space, the progress at a few existing portfolio companies and the active role the firm is playing in helping its portfolio companies scale and succeed in India and globally. Prior to joining the firm in 2006, Singh was a strategy consultant at Bain & Company in New York and before that, an entrepreneur in the digital media industry.

Venture Intelligence: How does Sequoia go about identifying potential early stage investments in India? Is there anything different you are doing today than, say, a couple of years back?

Shailendra Singh: There is a lot more focus on technology investing and early stage investing. In general, as you might remember a few years ago, we were doing primarily growth investing but in the past 18-odd months, we have had a very strong focus on early stage and that’s continuing. In terms of how…

PE investments in 2018 crosses $33-B to set new all-time high

Big Ticket investments in consumer apps Swiggy & Byju’s dominates year-end activity, even as investments in Core Sectors slow down
Private Equity (PE) investments in India rose to their highest ever figure of $33.1 billion in 2018 (across 720 transactions), according to data from Venture Intelligence (http://www.ventureintelligence.com), a research service focused on private company financials, transactions and their valuations. While PE investments have already surpassed the previous high - $24.3 Billion across 734 deals in 2017 - in the first nine months of 2018, the mega investments in Consumer Internet & Mobile startups such as Swiggy and Byjus towards the year-end, helped the 2018 total vault by 36% year-on-year. (Note: These figures include Venture Capital investments, but exclude PE investments in Real Estate.) The year witnessed 81 PE investments worth $100 million or more (accounting for 77% of the total investment value during the period), compared to 47 such transac…

ChrysCapital and Sequoia Capital India grab two awards at APEX’19 PE-VC Awards

Mumbai, India, Feb 27, 2019: ChrysCapital and Sequoia Capital bagged two awards each as part of the “Awards for Private Equity Excellence” (APEX)event organized by Venture Intelligence. 

ChrysCapital bagged the Private Equity Fund Raise of 2018 Award (Closed $850 M Fund VIII within 4 months of launch) and the Private Equity Investor of 2018 Award (for its Exits from LiquidHub with 4x in dollar terms (within 4 years of its $53-M investment), AU Small Finance Bank with 11.5x return,  Torrent Pharma with 2.95x, City Union Bank with 2.83x, L&T Infotech with 2.56x)

Sequoia Capital India won the Early Stage VCInvestor(the firm registered 10x+ exits in Byjus Classes and SCIOInspire) and VC Fund Raise of 2018 (the firm closed an almost $700-M Fund VI).


Award Winners at APEX'19 PE-VC Awards

The event opened with a Fireside Chat with Kiran Reddy, CEO of SPI Group interviewed by his long time friend and colleague Vineeth Vijayraghavan.



Snapshots of the Awards Ceremony: (L-R) Gopal Srinivasan, …