News By Tag
News By Location
Beyond Capital Exits From Investment In ERC Eye Care
ERC Eye Care started in 2011 by Dr. Parveez Ubed as a standalone clinic and community outreach camps providing accessible, affordable, and inclusive on-demand eye care in underserved regions of Assam, India. Beyond Capital invested in ERC Eye Care in March 2014 and deployed capital over three tranches until January 2016. Since 2011, the company has served over 120,000 patients, sold more than 42,000 glasses, and performed more than 3,000 cataracts surgeries. ERC opened its first hospital in February 2015 and a second in February 2016.
"We are pleased to have been a part of a period of such successful growth and wish Dr. Ubed and the ERC team the best as they continue to critically improve lives," says CEO and Co-Founder of Beyond Capital, Eva Yazhari.
Adapting seamlessly to its customers' context, ERC operates through a hub and spoke model which enables it to reach remote areas at scale. ERC Eye Care has expanded its accessibility by offering transportation services to patients. The Company provides a regular eye check-up for approximately $0.80, glasses as low as $3.00 depending on the strength of the lens prescription, and cataract surgeries as low as $30, including the cost of a patient's stay in the hospital.
Beyond Capital's funds were used to expand ERC operations across Northeast India. The investment enabled ERC to expand the number of vision centers it operated and to launch their first hub hospital. The Company was able to further improve its IT systems, telemedicine facilities, and quality standards.
"As an investor, Beyond Capital brought the Company validation and visibility as an impact organization, explains Dr. Parveez Ubed, CEO and Co-Founder of ERC. "This validation was key to securing, most importantly, funding from the World Bank and connections to other stakeholders valuable as ERC is scaling."
Beyond Capital Fund sold its stake to Ankur Capital, a co-investor at seed stage, and a lead Series A investor.
ABOUT: Beyond Capital Fund
Beyond Capital is an impact investment fund that invests in for-profit social enterprises throughout India and East Africa. We invest in businesses that are focused on greater access to health care, water, sanitation and energy, as well as food security and financial inclusion, which can increase the quality of life and standard of living for consumers at the bottom of the pyramid. Though we seek market rate financial returns, Beyond Capital is structured as a non-profit, which permits us to emphasize fidelity to our social mission alongside our financial mandate.
To learn more visit: http://www.beyondcapitalfund.org/
Jet Black Public Relations
- END -
TAGS- Beyond Capital Fund, Beyond Capital, impact investing, social enterprise, Eva Helene Foust Yazhari, ERC Eye Care, India, Assam, social entrepreneur, social innovation, innovation, Bottom of the Pyramid, healthcare, vision