Hearzap launches ₹8 Cr ESOP, targets 2x growth FY28

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Hearzap launches ₹8 Cr ESOP in a move that strongly aligns with its ambitious growth targets and commitment to inclusive success. The Hyderabad-based hearing care startup has unveiled its Employee Stock Ownership Plan (ESOP) worth ₹8 crore, providing eligible team members the opportunity to become stakeholders. With this initiative, the company not only intends to reward loyalty and drive a culture of ownership but also bolster its plans for exponential expansion. Hearzap, which has already recorded a 20% revenue growth in FY 2024-25, aims to double its footprint and scale to 500 stores by FY28.

Founded with the vision of making hearing care accessible and affordable across India, Hearzap has grown rapidly. Its omnichannel presence, a fleet of over 150 hearing experience stores, and a clientele of 1.2 million testify to its impact. The ESOP rollout further underlines its strategy to fuel employee motivation, retain talent, and grow in sync with its team. This announcement arrives amid an upward trend in startup equity initiatives, especially in the health tech sector, indicating a broader evolution in how startups are building sustainable, long-term success.

By transforming employees into shareholders, Hearzap is setting a precedent for Indian tech startups and health ventures that aim to intertwine organizational growth with personal development. As the company targets 2x growth by FY28, this ESOP plan acts as both a reward mechanism and a motivational anchor, driving forward its mission in the startup ecosystem. This bold step is a reminder that inclusive prosperity is not just a value but a strategy for future-forward ventures like Hearzap.

1. Working Model and Business Foundation of Hearzap

1.1 Startup DNA and Service Ecosystem

Hearzap launches ₹8 Cr ESOP, targets 2x growth FY28. Hearzap operates within the hearing healthcare segment, a niche but vital part of India’s expanding health tech market. It positions itself as a one-stop solution for comprehensive hearing care services. Through its online platform and physical experience centers, the startup offers audiometry tests, hearing aid consultations, home visits, product trials, after-sales services, and ongoing auditory support. This model ensures a 360-degree experience, accessible across both metro and tier-2 cities.

1.2 Revenue Streams

Its revenue model thrives on multiple verticals. Sales from high-quality hearing aids, service fees for consultations and audiometric testing, home service packages, and B2B partnerships with ENT clinics and hospitals form its core income sources. Furthermore, its digitally enabled operations help reduce cost overheads while boosting reach and efficiency.

1.3 Founding Team and Vision

Founded by Raja S., Hearzap emerged from the founder’s personal connection with hearing loss challenges faced by his family. His background in health services and technology, coupled with a passion to solve for India’s underdiagnosed hearing issues, led to the platform’s launch. Under his leadership, the company has placed a strong emphasis on accessibility, affordability, and awareness.

2. Funding and Market Reach

2.1 Growth Without Heavy Venture Dependency

Unlike many of its peers in the Indian startup ecosystem, Hearzap has scaled significantly without relying on aggressive venture capital rounds. The company has largely bootstrapped its growth, with minor seed-stage infusions that supported its early development and tech backbone. As of FY25, the company has not disclosed any major Series A or B funding rounds but indicates openness to strategic partnerships.

2.2 Current Presence and Future Targets

With over 150 experience stores already operational, Hearzap has served more than 1.2 million clients across India. These stores provide hands-on access to hearing aids, hearing tests, and personalized consultations. The company targets expanding to 250 stores by FY26 and reaching 500 stores by FY28, aiming to double both footprint and revenue by then.

3. Hearzap Launches ESOP: What It Means

3.1 Empowering Through Ownership

Hearzap launches ₹8 Cr ESOP to reward commitment and ignite collective ownership. This program is designed to offer equity options to eligible employees, effectively transforming them into shareholders of the company. According to Managing Director Raja S., “This initiative is not merely about financial incentives. It’s about cultivating a culture where accomplishments are shared, and each team member’s contribution is valued.”

3.2 Size and Scope

The ESOP plan, valued at ₹8 crore, comes in response to the company’s recent performance. With a 20% increase in revenue for FY24-25, Hearzap acknowledges its employees’ role in that success. By offering ownership opportunities, it hopes to retain key talent, promote internal growth, and attract skilled professionals looking for long-term associations with emerging Indian tech startups.

3.3 Industry-Wide Trend

This announcement aligns with a growing trend across the startup landscape where ESOPs are increasingly being used as a tool to foster loyalty and align interests. From unicorn startups in India to early-stage health ventures, employee ownership models are being embraced for their long-term strategic benefits.

4. The Road Ahead: Scaling the Hearing Tech Frontier

4.1 Vision 2028

Hearzap’s roadmap involves building an integrated auditory ecosystem that reaches rural, urban, and semi-urban India. Its tech-forward services, coupled with a strong offline presence, position it uniquely in the health tech domain. The ESOP move complements this goal by creating a unified, motivated team capable of supporting the company’s scale-up journey.

4.2 Expansion Metrics

The company projects 2x growth by FY28, targeting both increased revenue and store presence. This includes enhancing tele-audiology services, developing regional language support tools, and expanding its in-house R&D for next-gen hearing devices.

5. Learning for Startups and Entrepreneurs

5.1 Employee-Centric Models Work

Startups often overlook the human side of growth. Hearzap shows that giving employees a stake in success builds stronger, more loyal teams.

5.2 Vertical Specialization Is Valuable

Focusing on one niche—hearing health—enabled Hearzap to master service quality, understand customer pain points, and dominate a relatively untapped market.

5.3 Omnichannel Presence Is Key

Combining tech platforms with offline experience centers helps build trust in healthcare, a sector where physical presence still matters.

5.4 Long-Term Vision Attracts Talent

A clear roadmap and equity participation attract professionals who seek more than just salary—they want purpose and shared growth.

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