Eva Scalp Cooling is part of Stemtech Medical Devices, which gained attention through a Purpose-Driven Pitch on Shark Tank India Season. The business aims to provide medical solutions that alleviate the side effects of chemotherapy, specifically hair loss in cancer patients.
Business Vision: Eva Scalp Cooling envisions being a part of Stemtech Medical Devices, offering medical solutions to prevent the adverse effects of chemotherapy in cancer patient treatment.
Founder: Raghuveer Surupa, the founder of Eva Scalp Cooling, has a background in electronics and communications engineering and holds a post-graduate diploma in management, marketing, and operations from the Indian Institute of Management, Ranchi. His previous experience includes founding Dignite, a venture focused on cancer patients. He brings his expertise in pharmaceutical and medical product businesses to Stemtech Medical Devices.
Shark Tank India Pitch: The business pitch involved five Shark Judges, including Anupam Mittal, Namita Thappar, Aman Gupta, Ritesh Agrawal, and Vineeta Singh. Raghuveer Surupa showcased the Eva Scalp Cooling machine, explaining its technology and its role in preventing hair loss during cancer treatment.
Product and Technology: The Eva Scalp Cooling machine is designed to counteract hair loss caused by chemotherapy. The founder demonstrated its usage, emphasizing its unique technology. While some sharks raised concerns about its simplicity and high price, others recognized its relevance in the medical machine industry.
Investment Guidance: Sharks Namita Thappar and Ritesh Agrawal showed interest in investing, bringing up offers on the stage. However, negotiations involved discussions on patient and business perspectives. Anupam Mittal supported the product’s viability in the medical industry, and Namita Thappar believed it could have broader applications beyond primary cancer treatment.
Eva Scalp Cooling Shark Tank Episode Business Statistics:
- Started in April 2020, the business has its scalp cooling machines in 12 hospitals.
- Sessions take 3 to 5 hours, offering 50% efficacy in preventing hair fall in cancer patients.
- Hospitals charge between ₹1500 to ₹4000 for each Eva Scalp Cooling session.
- The Lotus Design Patent protects the Eva Scalp Cooling machine, priced at ₹13 lakh, with other models costing up to ₹24 lakh.
- Sales figures indicate significant growth, reaching ₹59 lakh by November 2023, with projected sales of ₹1.2 crore for the fiscal year 2023-24.
Eva Scalp Cooling Shark Tank Episode Financials:
- Total expenses for FY 22-23 were ₹1 crore, with a loss of ₹77.5 lakh.
- Till November 2023, expenses were ₹85 lakh, with a loss of ₹26 lakh.
- The business had ₹1.2 crore in the bank.
- The gross margin is at -85%.
- Raised a total of ₹2.5 crore in three funding rounds.
Eva Scalp Cooling Shark Tank Deal:
- Final deal of ₹30 lakh for 1.8% equity, valuing the business at ₹16.67 crore.
- Sharks Namita Thappar, Aman Gupta, and Ritesh Agrawal made the investment in Episode 11 of Shark Tank India Season 3, which aired on February 5, 2024.
Conclusion: Eva Scalp Cooling, born out of Stemtech Medical Devices, presented a unique solution to a significant problem faced by cancer patients undergoing chemotherapy. The founder’s journey, coupled with the business’s financials and the successful deal on Shark Tank India, showcases its potential for growth in the medical industry.
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Eva Scalp Cooling Shark Tank Episode Review