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Redefining Hope: The Eva Scalp Cooling System's Journey from Shark Tank to Changing Cancer Treatment

In an emotionally charged episode of Shark Tank India, Raghuveer, the innovative mind behind Stem Tech Medical Device from Hyderabad, introduced his groundbreaking product aimed at revolutionizing cancer treatment.

Raghuveer's creation, the Eva Scalp Cooling System, offers a ray of hope to cancer patients by addressing one of the most distressing side effects of chemotherapy: hair loss. Inspired by his aunt's battle with ovarian cancer, Raghuveer embarked on a journey from being an engineer with prominent roles at Pfizer and Roche to becoming a pioneer in medical innovation.

The Eva Scalp Cooling System utilizes advanced pressure cooling technology to maintain the scalp at a precise temperature, shielding hair follicles from the harmful effects of chemotherapy drugs. More than just preserving hair, this device preserves the patients' sense of identity and morale during their arduous fight against cancer.

During his pitch, Raghuveer elaborated on the technology's efficacy, highlighting its ability to cool the scalp to 17 degrees Celsius, thereby reducing the likelihood of chemotherapy drugs damaging hair follicles by 50%. This efficacy rate, while lower than some competitors, still provides significant relief to patients undergoing treatment.

Seeking Rs 30 lakh for a mere 1.2% equity, valuing the company at Rs 25 crore, Raghuveer emphasized the uniqueness of his product, boasting a patented design and the distinction of being the first in Asia to launch such a device.

Discussing the customer base, Raghuveer revealed that the device had been installed in 12 hospitals across five states, with over a thousand sessions conducted. Despite its cost of Rs 13 lakh, Raghuveer stressed its affordability compared to competitors, with hospitals charging between Rs 1,500 to Rs 4,000 per session.

Financially, Raghuveer presented promising figures, with revenues soaring from Rs 22.5 lakh in FY23 to Rs 59 lakh in the current year, boasting a gross margin of 85%. Projections for FY24 estimated revenues to reach Rs 1.2 crore.

Raghuveer also shared the company's funding history, including a seed grant from the Department of Biotechnology and investments at increasing valuations, highlighting the startup's potential and strategic plans for FDA approval to enhance credibility and market reach.

Beyond the numbers, Raghuveer expressed a deeper mission: to alter the narrative surrounding cancer treatment, empowering patients to combat the disease with confidence and dignity.

The sharks were profoundly moved by Raghuveer's pitch. Anupam Mittal commended his efforts to redefine the experience of cancer patients, acknowledging the emotional and psychological impact of his device.

Initially skeptical, Namita Thapar and Aman Gupta were swayed by the endorsement of the former Pfizer India chief on Raghuveer's advisory board. Ultimately, Aman Gupta, Namita Thapar, and Ritesh Agarwal extended an offer of Rs 30 lakhs for 1.8% equity, which Raghuveer accepted, securing the support necessary to propel his innovative solution forward.


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