Eva Scalp Cooling Update | Shark Tank India Season 03
Two out of three patients undergoing chemotherapy sessions experience hair loss. It is often considered the most dramatic side effect of chemotherapy.
Eva Scalp Cooling System came onto the scene to tackle this issue. It reduces hair loss caused by harmful rays during chemotherapy sessions. This product has already established itself in the market.
Eva Scalp Cooling founder Raghuveer Surupa pitched on Shark Tank India (Season 3) to raise 30 lakh capital for the company. Here is what happened to Eva Scalp Cooling System after Shark Tank India.
If you’re in a hurry and don’t have time to read the whole story, here’s a brief overview of what happened to Eva Scalp Cooling after Shark Tank.
Raghuveer asked ₹30 lakh in exchange for 1.2% equity in the tank. However, Aman Namita and Ritesh closed the deal for ₹30 lakh for 1.8% equity. Eva Scalp Cooling has got decent popularity, along with a backup of three sharks. Currently, the company is operational and expanding its business among various hospitals in India.
| Company Name | Eva Scalp Cooling System |
|---|---|
| Founders | Raghuveer Surupa |
| Founded | 2022 |
| Products | Scalp cooling machine for cancer patients |
| Ask | ₹30 lakh for 1.2% equity |
| Deal | ₹30 for 1.8% equity |
| Sharks | Aman Gupta, Namita Thapar, Ritesh Agrawal |
What is Eva Scalp Cooling System?
Eva Scalp Cooling System is the brainchild of Raghuveer Surupa. He started it in 2020. The system consists of a computer-controlled mobile refrigeration unit that circulates the coolant through a specialized cooling cap.
It’s a smart device with cloud connectivity that enables real-world data generation and helps track usage. This is our proprietary cooling cap that fits on the scalp of the patient.
It has been designed and developed in-house by experts. And it helps deliver precise cooling as required during the chemotherapy session.
Not only this but this system is also designed to integrate with the chemotherapy session seamlessly.
Eva Scalp Cooling Founder Pitch On Shark Tank India
The Eva Scalp Cooling Machine is currently being used in 12 hospitals, where it has already provided over 1000 scalp cooling sessions.
The scalp cooling machine is priced at ₹ 13 lakh, while other similar machines are available for approximately ₹ 24 lakh.
The founder shared all these details during his pitch. He mentioned how many patients skip chemotherapy due to the risk of losing hair.
So, Raghuveer took up the challenge and developed the Eva Scalp Cooling System, which could help reduce hair fall in patients who are undergoing chemotherapy.
Sharks looked very interested in the product as it boasts to solve a great issue. Ritesh asked whether it was medically certified and got a positive answer.
Nameeta seems curious about the coolant that is in the refrigerator and how Eva Scalp coolant is different when compared to freezer coolant.
Raghuveer explains that whenever we cool the body and draw blood from there, it retracts. And, this causes the hair follicles that are going to undergo chemotherapy to shrink.
Actually, hair follicles get damaged due to chemotherapy because chemotherapy is designed to kill the fast-growing cells that form a tumor. And, hair follicles are the second fastest cells in our body to grow.
So. what Eva Scalp does is when chemotherapy is given on time, it reaches the follicles and retracts blood to regrow the hair.
The founder continued speaking and said that there have been no advancements made in women-related health products, but all the sharks seem to disagree with this point.
Aman then asks about the charges, which range from ₹1500 to ₹4000 per session in the hospitals. The overall machine costs ₹13 lakhs while their competitors cost ₹24 lakhs.
Aman asks whether their machine is selling more than their competitors, to which the founder said that they are going to be the biggest player in the market by next year.
The sharks then asked about the true market size of such products, especially in India.
The founder claimed that their competitor had made around ₹3 to ₹4 crores in revenue just from India.
Anupam wasn’t satisfied with this answer as he was confused about the true market size of scalp-cooling products. Ritesh then goes on to ask about the market share of EVA.
The founder claims that they made around ₹22.5 lakhs in 2022. In 2023, from April to November, they made about ₹59 lakhs in revenue. He accepts that they are currently at a loss.
Namita and Anupam then have a quick discussion about whether the pricing of the product is worth it or should it be way less. Anupam believes that ₹13 lakhs is not a high price for a medical product.
Meanwhile, Namita noted that this product is not curing any disease but is only reducing symptoms.
She wants the price to be low so that the product stands a better chance of survival and scaling in the market.
Anupam asked about the current valuation of the company. To which the founder replied that the company is currently valued at ₹25 crore. It has secured funds through three rounds of financing.
They received ₹25 lakhs of grant from the Department of Biotechnology in July 2021. They also raised ₹75 lakhs in July 2022 and ₹1.5 crores in May 2023, bringing the total raised funds to ₹2.5 crores.
Anupam then raises an important question about how it’s not necessary that the best product may win. So, he asks the founder how he is tackling this important issue of uncertain market forces.
The founder replied that he has got Mr. Shreedhar, who is Fyzer’s Ex CEO, on Board as a business advisor. Namita said that she already knew Mr. Shreedhar personally.
Raghuveer goes on to say that the reason why he onboarded Mr. Shreedhar is because of his immense experience in the healthcare sector.
Raghuveer believes that a great health product is made on the backing of trust and relationships.
Ritesh then goes on to ask about the current cash amount which the company has. The founder, Raghuveer, says that they currently have 1.2 crore in the bank account.
This confuses Ritesh as he asks about what the founder wants to gain after raising 30 lakhs amount from the Sharks.
The founder replied that he actually wants to get the USFDA’s approval, which is why he wants to get a strategic investment of ₹30 lakhs.
This will help the company get access to many countries meanwhile, their credibility will also rise in India.
After all these discussions, the sharks finally began giving offers. Aman began first with a ₹30 lakh offer for 2%, but the founder wanted Namita on board.
Namita then says that she lost interest in the product when she found out that the product has only 50% efficacy meanwhile, the health products which they normally invest in have at least 95% efficacy.
Still, Namita gave an offer for 30 lakhs just because Mr. Shreedhar was on board. She thinks that he might have seen something special in the product which she is unable to view currently.
She gives an offer for 30 lakhs for 2% with Aman on board. But, Ritesh then gave an offer for ₹30 lakhs for 1.2%, which was the original ask of the founder.
He also says that he will introduce his two friends to the founder, who already are in the cancer care sector. This looks like the best offer, and it is exactly what the founder was looking for.
Anupam then said that he was out because there is no demand in India, and he believes that a company grows when there is already demand in the market. And artificially manufactured demand may not work well.
Vineeta expressed gratitude towards the founder for researching and developing something in the women’s health sector.
But, she is out of the race as she doesn’t have enough expertise in this field. She wishes the best of luck to the founder.
Now, only the duo Aman Namita and Ritesh are left in the race. Aman then gives a new offer of 30 lakhs for 1.8% equity.
Finally, after giving a lot of thought. The founder decides to get the combined deal of ₹30 lakhs for 1.8% with all three sharks on board.
What Happened To Eva Scalp Cooling After Shark Tank?
Raguveer got ₹30 lakh investment in return for a 1.8% stake in the Eva Scalp Cooling System. Aman, Namita, and Ritesh together invested in the company and this healthcare brand got decent popularity after airing the episode.
Currently, this healthcare brand is doing well in business, and they are expanding their products in various hospitals across India and worldwide. If we get more details about this company, we’ll update here.
Also Read:
- Gud Gum Update Shark Tank (Season 03)
- Goenchi Feni Update Shark Tank (Season 03)
- Arata Update Shark Tank (Season 03)
Final Words
The founder of Eva Scalp Cooling System clearly got a winning deal on Shark Tank India Season 3. Now, the company has got the backing of 3 sharks who already have some experience in the health sector.
We can only wait and see how the founder manages to work and navigate with 3 Sharks to get his company on top.
