Eva Scalp Cooling System : Medical Devices Startup ideas

Eva Scalp Cooling System is a groundbreaking medical solution designed to prevent chemotherapy-induced hair loss in cancer patients. It is India's first and Asia's Scalp Cooling System.It was started in 2020 and it was launched in December 2022.The Eva Scalp Cooling System aims to provide cancer patients with a supportive tool that helps minimize hair loss during chemotherapy.8% of the patients refuse chemotherapy yo avoid hair loss.The device was invented by Raghuveer Surupa, who was inspired to create this device after seeing his aunt struggle emotionally due to losing her hair after chemotherapy

Company Details

Stemtech Medical Devices Private Limited is a Private incorporated on 20 April 2021. It is classified as a Non-government company and is registered at Registrar of Companies, ROC Mumbai. Its authorized share capital is ₹5 Lakh and its paid up capital is ₹127150. It is involved in the manufacture of Medical Devices such as Scalp cooling systems for cancer patients.

Ownership of Eva Scalp Cooling System Startup Ideas

Eva Scalp cooling system was founded by Raghuveer Surupa who is from Hyderabad. Aman Gupta, Namita Thapar, and Ritesh Agarwal also hold 0.6% equity each after the Shark Tank pitch.

Business Model of Eva Scalp Cooling System Startup Ideas

Eva Scalp Cooling System sells through a B2B model. It sells machines and cool caps to hospitals, cancer treatment centers, and research institutions. They get one-time revenue from selling the Eva Scalp Cooling System machines and recurring revenue from selling cool caps, which need to be replaced regularly after 50 hours of use. They have also patented the design of the cap.

Products and Services of Eva Scalp Cooling System Startup Ideas

The Eva Scalp Cooling Machine is priced at ₹13 lakh and can do 100 sessions per month. The lifespan of the cool cap is around 50 hours, with a price of ₹6000. Hospitals typically charge between ₹1500 to ₹4000 for each scalp cooling session. The machine’s effectiveness in reducing hair loss stands at 50%. This device is present in 12 hospitals across 5 states with 1000+ sessions. More information about the product can be found at: https://evascalpcooling.co.in/.

Business Valuation of Eva Scalp Cooling System Startup Ideas

Eva Scalp Cooling System presented their pitch in Shark Tank India Episode 11 Season 3 seeking an investment of ₹30 Lakh for 1.2% equity.

• Aman Gupta: He was the one to give an offer of ₹30 Lakh for 2%.
• Vineeta Singh: She questioned the efficacy of the product and its cost.
• Namita Thapar: She was concerned about the low efficacy of the scalp cooling machine (50%). She says that this technology can be easily copied. She suggests lowering the price. She wishes to join Aman’s offer.
• Anupam Mittal: He was unclear about the market size of this product. He was not sure about the demand for this product. Hence, he did not invest.
• Ritesh Agarwal: He agrees to give the investment at the same valuation the founder asked for.

After certain discussions, the founder got a 3-shark deal with Aman, Ritesh, and Namita: Investment of ₹30 Lakh for 1.8% equity.

Bizfoc Analysis of Shark Decisions of Eva Scalp Cooling System Startup Ideas

The Sharks on Shark Tank India decided to invest in Eva Scalp Cooling System, which was a positive outcome for the company. Hair loss is a significant side effect of chemotherapy. Hair loss has psychological effect too on the patients. Some people lose their confidence. Thus a product that can reduce this hair loss has great potential. 30 Lakh investment was made by Aman, Ritesh and Namita for 0.8 % equity each.

Some Key Strengths and Weaknesses of Eva Scalp Cooling System Startup Ideas:

Strengths:

• Unique Solution: Eva Scalp Cooling System offers an innovative solution to prevent chemotherapy-induced hair loss, addressing a significant concern for cancer patients.
• Clinical Validation: The system has undergone clinical trials, demonstrating its safety and efficacy. It has 50% efficacy.
• Patented Technology: The company holds patents for its technology (lotus shaped cap).
• Emotional Connection: The founder's personal experience and emotional connection to the problem add a compelling narrative to the business.
• Scalable Business Model: The company can expand by selling machines and cool caps to hospitals and cancer treatment centers globally.

Weaknesses:

• Regulatory Approvals: The system requires regulatory approvals in various countries, which can be time-consuming and costly.
• Marketing Challenges: Educating hospitals, cancer treatment centers, and patients about the benefits of the system is a significant marketing challenge.
• Dependence on Healthcare Providers: The business relies on hospitals and cancer treatment centers to purchase and use the system.

Future of Eva Scalp Cooling System Startup Ideas

Eva Scalp Cooling System's future looks bright. They plan to sell their product in more countries, helping more cancer patients keep their hair. They'll improve their product and explore new uses. The product is innovative and of great use especially to female cancer patients. There are only 3 manufacturers of this product worldwide while in Asia Eva Scalp Cooling System is the only one. Thus the competition is less. The popularity of this device is expected to increase after the Shark Tank. This product could be a game changer for cancer patients worldwide.

Conclusion

The founder was able to crack a 3-shark deal of ₹30 Lakh for 1.8% equity with Aman, Ritesh, and Namita. The product was found useful by the sharks and they saw potential in this business. Despite the losses, the sharks invested in it as it is also seen as a noble cause.

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