Ankur Capital and Ennovent invest in ERC Eyecare

Assam based ERC Eyecare had raised $1 million towards Series A funding from impact focussed venture capital firm Ankur Capital and Ennovent India. ERC provides low cost eye care services for the bottom-of-the-pyramid market. The company will use the capital to fund expansion plans across North East India and South East Asia which are under penetrated markets for eyecare.

Earlier in 2013, ERC had raised angel funding from Ennovent and Ankur Capital besides other investors. ERC eyecare founded by Parveez Ubed has treated more than 1.5 Lakh patients till date through their two hospitals, two vision centres and three mobile units reaching four districts in Assam. The current investment will help the company expand to 6 hospitals, supported by vision centres and mobile units. Their future plans include Nepal, Bangladesh, Thailand, Vietnam apart from other states in North East India.

As per a release from Ankur Capital, Ophthalmology hospital services and refractive error market is a huge market of $10+ billion. India has one fifth and South East Asia has one third of the global market. More than 75% of the problem can be solved by cataract surgeries and spectacles, which is the primary focus of ERC eyecare.