/startuppedia/media/post_banners/wp-content/uploads/2023/08/website-99.png)
Overview of the Hearing Aid Industry in India
The hearing aid industry in India has witnessed significant growth over the past decade. With an estimated market size of INR 1,500 crores, the sector continues to expand at a steady pace. The rising awareness about hearing health, advancements in hearing aid technology, and an ageing population are driving the demand for hearing aids and related services.
Aura Hearing Care: A Pioneer in the Industry
Aura Hearing Care, a Mumbai-based firm, has emerged as a frontrunner in the industry, capturing a substantial market share with its exceptional products and services.
Mr Naitik Shah, the founder and Managing Director of Aura Hearing Care, hails from Mumbai, India. He is academically qualified in Hearing & Speech, driven by a personal experience that shaped his entrepreneurial journey.
Alongside Naitik, his wife, Pratiksha Mehta, co-founded the company. The duo, bound by their shared passion for addressing hearing challenges, decided to establish Aura in 2011 with an initial investment of 2 lakhs.
Aura Hearing Care specializes in providing comprehensive solutions for individuals with hearing loss. They offer a wide range of hearing aids, including digital and programmable devices, designed to cater to varying degrees of hearing impairment. Additionally, the company provides expert audiology services, hearing assessments, and personalized fittings to ensure the perfect fit and maximum benefit for their customers.
Aura's inception can be traced back to Mr Naitik Shah's personal drive to make a positive impact on the lives of those with hearing challenges. Witnessing his grandfather's struggle to find suitable hearing devices ignited a passion within him to bridge the gap between hearing-impaired individuals and proper hearing aids.
He identified that 31% of the senior population faced hearing challenges, yet only 1% had access to appropriate solutions due to various reasons such as lack of education, societal taboos, and budget constraints.
With a clear mission in mind, Naitik and Pratiksha founded Aura Hearing Care in 2011.
Building the brand involved leveraging digital marketing strategies, endorsements from prominent figures like Mr Vivek Oberoi, and establishing 16 clinics across the country. The company's focus on quality products and exceptional customer service further solidified its position in the market.
To scale from an initial investment of 2 lakhs to a valuation of INR 100 crores, Aura focused on continuous improvement, investing in expanding its geographical presence.
Challenges and Triumphs of Aura Hearing Care
They faced hurdles along the way, such as competition from established players and navigating regulatory complexities. However, their persistence, innovation, and dedication to their mission enabled them to overcome these challenges.
Aura Hearing Care operates on a B2C model, offering a range of hearing aids and audiology services directly to consumers. Their customer-centric approach, coupled with a wide network of clinics, allows them to provide personalized care and build lasting relationships with their clientele.
With an initial investment of 2 lakhs, Aura has come a long way. Its yearly revenue has been consistently growing, with an impressive annual revenue growth rate doubling year on year and has a high EBITDA as well.
Financial Success and Future Aspirations
Their valuation has reached an impressive INR 100 crores, reflecting the company's rapid expansion and success.
To support its growth trajectory, Aura Hearing Care recently secured funding from three prominent private investors:
- Mr Mohit Dubhe, founder of successful ventures CarWale and Chalo.
- Mr Jeenendra Bhandari, Partner at MGB Venture Capital firm.
- Mr Vikas Khemani, former CEO of Edelweiss Securities and founder of Carnelian Advisors.
While Aura Hearing Care leads the Indian hearing aid retail market, it faces competition from other established players in the industry. However, the company's dedication to quality and customer satisfaction has set it apart and allowed it to maintain a competitive edge.
Aura Hearing Care's mission is to enhance the quality of life for individuals with hearing challenges by providing them with top-notch hearing aids and comprehensive audiology services. They envision a future where hearing-impaired individuals can seamlessly access effective hearing solutions and lead fulfilling lives.
Looking ahead, plans to further expand its presence across India, establishing more clinics in untapped regions. Furthermore, the company aspires to contribute to hearing health advocacy and awareness campaigns to reduce the stigma surrounding hearing loss.
As they continue their journey, Aura Hearing Care remains focused on its vision of creating a world where hearing-impaired individuals canAura Hearing Care embrace life with clarity and confidence.
In a conversation with Startup Pedia, the Founder of Aura, Mr Naitik Shah, exclaimed, "Our mission is to bring the gift of hearing to those in need, and we will tirelessly pursue that goal until every ear can hear the beauty of life."
FAQ
1.Who are the founders of Aura Hearing Care?
Aura Hearing Care was founded by Mr Naitik Shah and his wife, Pratiksha Mehta. Mr Naitik Shah's personal experience witnessing his grandfather's struggle to find suitable hearing devices fueled their passion to bridge the gap between hearing-impaired individuals and proper hearing aids.
2. How much funding has Aura Hearing Care received, and from which investors?
Aura Hearing Care recently secured funding from three prominent private investors: Mr Mohit Dubhe (founder of CarWale and Chalo), Mr Jeenendra Bhandari (Partner at MGB Venture Capital), and Mr Vikas Khemani (former CEO of Edelweiss Securities and founder of Carnelian Advisors).
3. Aura Hearing Care's mission and vision for the future?
Aura Hearing Care's mission is to enhance the quality of life for individuals with hearing challenges by providing top-notch hearing aids and comprehensive audiology services. Their vision is a future where hearing-impaired individuals can seamlessly access effective hearing solutions, and they plan to contribute to hearing health advocacy and awareness campaigns.
4. What is the market size of the hearing aid industry in India, and how has Aura Hearing Care positioned itself in the market?
The hearing aid industry in India has an estimated market size of INR 1,500 crores. Aura Hearing Care has emerged as a frontrunner, capturing a substantial market share with its exceptional products and services, focusing on quality, digital marketing, and establishing clinics across the country.