Ennovent Impact Investment Holding and Ankur Capital invest in Assam based eye care company, ERC Eye Care Pvt. Ltd through the Ennovent Circle
Very happy to share that 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.”
More on Ennovent at www.ennovent.com
The Ennovent Global Network connects entrepreneurs, investors and experts to share resources and work together to advance innovations for sustainability at the Base of the Pyramid (BoP). Innovative solutions are needed to provide much needed goods and services to low-income people and access to national and international markets. It offers different services levels to discover, finance and scale the best solutions.
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For all those who are serious about fund raising don’t miss this special TiE event!
TiE Institute under the aegis of the “Entrepreneurship Nurturing Program” will be bringing to you a monthly series of sessions/workshops on specific issues/challenges faced by entrepreneurs in their journey. Every month we will pick one critical challenge faced by entrepreneurs so whether it’s raising funds, managing finances, effective marketing strategies, or hiring & retaining talent these monthly sessions will be your one stop place to accelerate your learning and make your entrepreneurial journey more successful!
Raising venture funds has always been a pain point for most entrepreneurs whether VC’s or Angels. While a lot of discussion and debate goes into what investors look for and how to pitch to investors to get those investment dollars!!! The critical turn in the investment discussion comes when the investor issues the much hyped term sheet.
So if terms like pre-emptive rights, representations and warranties, tag along rights, shareholder agreements, and drag along rights sound Greek to you then this first session “The Devil is in the Details – Demystifying Term Sheets” is just for you. The session will be conducted by a very experience panel of entrepreneurs turned investors i.e. Shailesh Vickram Singh, Subinder Khurana and Sanjeev Kakar. Having been on both sides of the table i.e. raising funds and now investing, they will share practical tips and insights for entrepreneurs to negotiate term sheets and secure their positions.
Shailesh Vickram Singh has over 15 years of experience in investing in private equity / venture capital investing, and in business operations and entrepreneurship.
Shailesh brings a strong entrepreneurial and operations perspective to investments having co-founded one startup in community space in early 2000 from where the team made a successful exit in 2003 and helped create another startup in agricultural commodities spaces which was acquired by a media conglomerate in 2005.
Subinder has the experience of two ventures – EZPower Systems, a software products company he co-founded (acquired by DocuCorp International, now a part of Oracle), and marketRx, a product-enabled marketing analytics company (acquired by Cognizant). He continues to mentor and invest in startups as an independent angel investor. He is a NASSCOM Emerge Mentor and Chair, NASSCOM Gurgaon Council. He has a B.Tech from IIT, Delhi
Sanjeev is the Founder of Intarvo Technologies (formerly RT Outsourcing Services), the largest Reverse Logistics company in India. He is credited with starting Reverse Logistics as a business practice in India and his company created innovative solutions for all large OEM and ODM companies in IT, Telecom and Electronics.
Sanjeev chairs the India Focus committee of the Reverse Logistics Association, USA. He is a member of ‘Hardware Committee’ of ESC and member of Indian Angel network. He mentors and invests in early stages of startups. He is an Engineering graduate from BITS, Pilani and M. Tech. from IIT, Delhi.
There are limited seats for this event so REGISTER NOW!
High Potential Start ups Looking to raise First Seed Investment @ TiEcon Delhi 2014
5:00 am , September 18 , 2014
This is a forum for entrepreneurs and professionals to connect, learn and grow with each other. The objective of this blog is to give you access to relevant resources, business opportunities and networking opportunities to enhance your entrepreneurial and professional lives.
Digbijoy has a wide ranging experience across diverse sectors, initially started his career in education marketing with reputed educational institutes and then subsequently joined the advertising and events industry to execute several projects including a state election campaign for a national party, conceptualizing and running a restaurant chain in Delhi and several other projects.
He joined the Delhi chapter of The Indus Entrepreneurs (TiE Delhi), where he worked for over 3 years and drove various key initiatives like mentoring, deal flow, marketing, sponsorships etc and left his last position as Associate Director of the chapter in 2008 to pursue his entrepreneurial ambitions. He subsequently joined techTribe- India largest Career Networking platform where he served as director strategic relations and drove unique initiatives and partnerships for building and sustaining community engagement. Post techTribe he co founded an online supplemental education start-up – TenMarks Education INC. which was acquired by Amazon.com in October 2013.
Post TenMarks he lead Ennovent India as its country director which is an innovation accelerator. Ennovent provide services to accelerate innovations for sustainability in low-income markets in developing countries. It specializes 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 4,800 Network members, 15 Circle members and 10 Solution clients to accelerate over 80 innovations in 10 countries.
Currently Digbijoy Co-leads the Startup Program for Amazon Web Services enabling the best startups leverage the power of AWS infrastructure.
Digbijoy also plays the role of Supporting Evangelist ™ to TiE Delhi-NCR the leading TiE chapter in the world and select startups like Breaking Barriers, Just Rojgaar, One Tree Spaces etc. He also regularly contributes to entrepreneurial blogs and publications and is often quoted by leading publications on impact Investing and social entrepreneurship.
Digbijoy is a B.A. Hons Economics, P.G. Diploma in sales and Management, an MBA from MDI Gurgaon (Executive) and has done a venture capital program in ISB.