Eva Scalp Cooling System Strikes Major Deal on Shark Tank India

Eva Scalp Cooling is a groundbreaking medical solution developed by Stemtech Medical Devices in India. It is India’s first Scalp Cooling System designed to address the distressing side effect of chemotherapy-induced hair loss in cancer patients. Stemtech Medical Devices, the company behind Eva Scalp Cooling, is dedicated to creating cutting-edge medical solutions that positively impact patients’ healing journeys. The Eva Scalp Cooling System aims to provide cancer patients with a supportive tool that helps to minimize the impact of hair loss during chemotherapy, offering patients a sense of control and dignity during a challenging time.

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Raghuveer Surupa created a special device called the Eva Scalp Cooling System. He was inspired to invent this device after seeing his aunt struggle emotionally due to losing her hair after chemotherapy. The device helps cancer patients by preventing hair loss during chemotherapy treatment by controlling the temperature of the hair follicles. It took Raghuveer four years of hard work to develop this technology. The Eva Scalp Cooling System is one of only three such technologies available, and it is operational in 12 hospitals across 5 states, where over 1000 successful sessions have been conducted helping patients undergoing chemotherapy.

Raghuveer presented a compelling offer, solidifying a partnership with leaders who understood the importance of his cause. The show served as a platform to raise awareness about the effects of cancer treatment on hair loss and the solutions Stemtech provides. He requested 30 lakh rupees and 1.2% equity, and ultimately struck a deal with three Sharks – Namita Thappar, Ritesh Agarwal, and Aman Gupta – for 30 lakh rupees and 1.8% equity.

Recounting the status of Eva Scalp Cooling Machine, it’s currently obtainable in 12 hospitals, and over 1000 scalp cooling sessions have been provided across 5 states. These sessions, directed at preventing hair loss in cancer patients, can last from 3 to 5 hours. The machine’s effectiveness in reducing hair loss stands at 50%. Hospitals typically charge between ₹1500 to ₹4000 for each scalp cooling session. There are similar scalp cooling sessions available, but Eva’s machine features a patented Lotus Design. The Eva Scalp Cooling Machine is priced at ₹13 lakh, while other similar machines are priced around ₹24 lakh. Furthermore, the Eva Scalp Cooling Machine is a one-time purchase, but the lifespan of the cool cap is around 50 hours, with a price of ₹6000. Additionally, it is possible to carry out 4 sessions per day with this machine.

The sales of Eva Scalp Cooling were ₹22.5 lakh in the financial year 2022-23, ₹59 lakh in the financial year 2023-24 up to November, and the projected sales for the financial year 2023-24 are ₹1.2 Crore. Correspondingly, the expenses for Eva Scalp Cooling were ₹1 crore in the financial year 2022-23 and ₹85 lakh in the financial year 2023-24 up to November. In the fiscal year 2022-23, the business incurred a loss of ₹77.5 lakh, while the loss recorded up to November of the fiscal year 2023-24 was ₹26 lakh. Currently, the company maintains a balance of ₹1.2 crore in the bank. The gross margin for Eva Scalp Cooling stands at -85%. The valuation of the company is estimated at ₹17 crore. The company garnered funds through three rounds of financing: ₹25 lakh in July 2021, ₹75 lakh in July 2022, and ₹1.5 crore in May 2023, totaling ₹2.5 crore in funds raised.

The Eva Scalp Cooling Machine is a special device made to help people with cancer. It aims to protect them from losing their hair, which often happens during cancer treatment. The person who designed it, Raghuveer Surupa, knows a lot about cancer treatment and how it affects patients. The machine works by comparing the effects of the treatment on the body with the normal functions of the body. By doing this, it helps prevent hair loss and provides relief to patients going through chemotherapy.

In Shark Tank India, entrepreneurs from diverse backgrounds present their startup ideas to a panel of renowned investors, with the goal of securing the investment and expertise required to grow their businesses.