Hyderabad-based Hearzap announces Rs 8-cr ESOP, to double expansion by FY28

Hyderabad-based Hearzap has announced a Rs 8 crore employee stock ownership plan (ESOP). The hearing care solutions provider also plans to expand to 250 stores by FY26, and 500 stores thereafter, targeting two-fold growth in the next three years.

 

“By implementing our ESOP, we aim to demonstrate our commitment to value and appreciate the adaptability and loyalty of our team. It is more than a financial incentive. We intend to build a culture of ownership and shared prosperity. Hearzap is more than a workplace. It is a place to be an individual and grow personally and financially,” said Raja S, managing director, Hearzap.

 

 

The company has recently approved its ESOP programme, under which stock options worth approximately Rs 8 crore will be granted to eligible employees.

 

Furthermore, with a projected revenue growth of 20 per cent in FY 2024–25, this initiative would empower team members to build personal wealth while growing with the organisation, the company believes.

 

Hearzap emphasised that its ESOP scheme underscores the company’s commitment to building a future. By aligning individual interests with organisational growth, Hearzap further aims to boost retention and motivation.

 

Since its inception, Hearzap has expanded to over 150 hearing experience stores in the country. Competing with the likes of Amplifon and Earsolutions, the company is said to have served about 1.2 million customers.

 

In September 2024, Hearzap acquired a majority stake in Speech and Hearing Care Private Limited, a transaction fully funded through internal cash flows.