CerviCheck Update | Shark Tank India Season 03
Around 80,000 women in India lose their lives due to cervical Cancer every year. After breast cancer, it is the second most lethal form of Cancer in women.
Cervical Cancer is caused by a virus called HPV. Even though it can be prevented, only 2% of women do a screening test in India.
One of the reasons for this is that the screening test is highly hectic and embarrassing. This is where CerviCheck came in to make the screening process smooth and easy.
The health brand recently appeared on Shark Tank India Season 03 with its noble product. Here’s what happened to CerviCheck after Shark Tank India.
| Company Name | Pragmatech Healthcare Solutions |
|---|---|
| Founders | Anirban Palit, Sayantani Pramanik |
| Founded | 2020 |
| Product | HPV Testing Kit |
| Ask | ₹75 lakhs for 1.5% equity |
| Deal | ₹75 lakhs for 5% equity |
| Sharks | Namita Thapar |
CerviCheck Update After Shark Tank
CerviCheck got a deal on Shark Tank India from Namita Thapar. However, this agreement hasn’t yet been confirmed off the camera. We checked the company investors/ funding page, which has not been updated yet.
Our team is following up with the founders to know what happened after the Shark Tank. We’ve also requested an interview with them, but we’re still awaiting a reply. As soon as we get any reply, we’ll come up with a fresh CerviCheck update.
Until then, you can read other company updates that appeared in Shark Tank India 03:
About CerviCheck
Anirban Palit and Sayantani Pramanik are the co-founders of Pragmatech Healthcare Solutions. CerviCheck is one of their patented self-sampling kit, using which women can collect their samples privately, conveniently, and smoothly.
CerviCheck is the first Made in India Kit that the Indian FDA approved after successful clinical trials. The company is also developing a Point-of-Care Screening Test to deliver immediate results.
The founders’ vision is to ensure that no woman has to go through the pain of traditional screening tests.
CerviCheck Shark Tank India Pitch
The founders began their pitch with an ask of ₹75 lakhs for 1.5% equity. The sharks liked the packaging of the kit. It is clean and well-designed.
Anupam: Your company’s name is fascinating and suits your products. Well Done.
The founder then explained that their kit was for private use. And customers will have no trouble collecting samples by themselves.
Once the samples are collected, a CerviCheck representative will collect them from the customer. Then, the sample will undergo testing.
Nimita: Your product is brilliant. I admire you guys for coming up with this.
Amit: If a woman is vaccinated, will they use your product?
The founder explained that there are many sub-types of HPV Virus. The vaccines only work against 4-9 subtypes. The HPV Vaccine does not protect against All High-Risk Subtypes of HPV Virus. So, the product is a must-use.
Ritesh: When is it recommended to use your product?
Founder: Ideally, all healthy women should go for this test.
Anupam: How does this disease even start?
The founder revealed that 80% of all Women will have an encounter with this HPV Virus, but their body will clear it off without developing anything dangerous. However, women with low immunity are at risk.
Aman: Normally, people visit a doctor for tests. Because there are chances of false-positive and false-negatives.
Founder: We have already run many clinical trials and discovered that our product is 95% accurate.
Ritesh then asks about the Founders’ plan to market this product.
Founder: We plan to initiate sales directly through laboratories, NGOs, and Hospitals. We will give them our kits as a replacement for their existing machine.
Amit: What are the costs of your kit and the HPV lab test?
Founder: CerviCheck costs ₹250, and the existing HPV Tests cost ₹3000.
Namita pointed out that this is extremely expensive, and the pricing can be their biggest challenge.
Founder: Yes, that’s why we are also developing our screening test, where sampling and screening will be done for ₹450.
Amit: Was it made, or is it still in the development stage?
Founder: It will be developed in 2 years. But, we believe that if we get the backing of investors, then we can reduce this time and enter the market early.
The founder then revealed they have already received ₹2.2 crore worth of grants. And currently, they have ₹27 lakhs in the bank. They are raising money now, mainly for the commercial launch of their kit.
Amit: How much do you think the revenue potential of this product will be once it’s out?
Founder: We are looking to sell 40,000 kits in the first year. Also, we will become distributors for the HPV Testing Samples and Kit, priced at ₹2,500.
Amit: I really like your innovative mind and vision. But I can’t invest in this model and stage. So, I am out.
Aman said that their product is the last stage of testing. People are not taking vaccines for it, which is the first stage. So, he is unsure about the future of the product. So, he is out as well.
Anupam: I think your true innovation is not the kits but the affordable screening tests that you are still developing. But, to scale that, you will need way more money than ₹75 lakhs. So, I am out.
Ritesh: Are you looking for some business mentors? Because your vision looks hazy and has no clarity.
The founder agreed and said they were looking for business mentors, so they approached Shark Tank.
Ritesh: I like your resilience. I will offer you ₹75 lakhs at 5% equity.
Namita also gave the same offer.
Ritesh: Namita will be a better shark to help you guys. I was setting up the valuation.
The founders accepted Namita’s offers.
Final Words
CerviCheck got ₹75 lakhs for 5% of equity from Namita on Shark Tank India. Her massive experience in the pharma sector can help them find their way ahead. Our team is following up with the founders, and we’ll keep you updated about the company’s growth.
