Eva Scalp Cooling System

Eva Scalp Cooling System was founded by Raghuveer Surupa, an IIM Ranchi alumnus and the founder of Stemtech Medical Devices. Before launching Eva, Raghuveer had already worked extensively in the healthcare sector through his earlier venture, Dignite, which focused on improving the lives of cancer patients. His exposure to oncology and interactions with patients made him realize that chemotherapy-induced hair loss has a severe psychological impact on cancer patients, particularly women. Motivated by this challenge, he spent nearly four years researching and developing India's first indigenous scalp cooling system. His vision was to make this advanced technology affordable and accessible across Indian hospitals instead of relying on expensive imported machines. Through Stemtech Medical Devices, he combined engineering, medical research, and patient-centric innovation to develop a product capable of significantly reducing chemotherapy-related hair loss.

Eva Scalp Cooling System is a medical device designed to reduce hair loss during chemotherapy treatments. The technology works by cooling the scalp before, during, and after chemotherapy, causing blood vessels in the scalp to constrict. This reduces the amount of chemotherapy drugs reaching the hair follicles, thereby minimizing hair fall. The system is recommended by oncologists and is installed in hospitals where cancer patients undergo treatment. Unlike imported alternatives that are significantly more expensive, Eva's device is manufactured in India, making the therapy more affordable and accessible. The machine can perform multiple scalp cooling sessions daily and is supported by reusable cooling caps. At the time of the pitch, the system had already been installed in 12 hospitals across five Indian states and had successfully completed more than 1,000 patient sessions.

Amount Asked: ₹30 Lakhs Equity Offered: 1.2% Implied Pre-Money Valuation: ₹25 Crore

Raghuveer delivered one of the most emotional and impactful healthcare pitches of Season 3. He began by explaining the emotional trauma experienced by cancer patients who lose their hair during chemotherapy. Rather than focusing solely on medical technology, he highlighted the psychological confidence that patients regain when hair loss is minimized. This emotional storytelling immediately resonated with the Sharks. He demonstrated how the Eva Scalp Cooling System functions and explained the science behind scalp cooling therapy. The founder revealed that the device had already been installed in 12 hospitals, served over 1,000 patients, and was delivering approximately 50% effectiveness in preventing chemotherapy-induced hair loss. He also shared impressive business numbers, including projected FY24 revenue of ₹1.2 crore, gross margins of approximately 85%, and previous fundraising of around ₹2.5 crore. Although the company was still loss-making due to heavy investment in research and development, the Sharks appreciated the product's social impact, innovation, and commercial potential.

Aman Gupta:- Aman was deeply impressed by the social impact of the product and appreciated Raghuveer's commitment to solving a real healthcare problem. Namita, with her pharmaceutical background, appreciated the medical relevance of the product but questioned its clinical effectiveness, noting that the therapy currently achieved around 50% efficacy. Ritesh admired the founder's dedication and appreciated the humanitarian aspect of the business. He believed that improving cancer patients' quality of life represented a meaningful opportunity. Vineeta appreciated the innovation but questioned both the product's efficacy and its pricing. She wanted stronger evidence demonstrating consistent patient outcomes before committing to an investment. Anupam appreciated the innovation and the noble mission behind the company. However, he was unconvinced about the size of the addressable market and questioned whether the demand would be large enough to build a venture-scale business.

The negotiation was driven more by the startup's social impact than by aggressive valuation discussions. Aman Gupta made the initial offer of ₹30 lakhs for 2% equity, recognizing the importance of the product despite its early-stage financials. Namita Thapar later joined the offer because of her expertise in the pharmaceutical industry and her belief that the technology could meaningfully improve cancer care. Ritesh Agarwal also decided to participate, impressed by Raghuveer's mission and perseverance. The three Sharks collectively revised the equity terms, and after discussions around valuation and strategic support, Raghuveer accepted their joint offer of ₹30 lakhs for 1.8% equity, believing the combined expertise of the three investors would help expand the technology across hospitals in India.

Eva Scalp Cooling System successfully secured funding from Aman Gupta, Namita Thapar, and Ritesh Agarwal. The founder entered the Tank seeking ₹30 lakhs for 1.2% equity, valuing the company at ₹25 crore. After negotiations, the three Sharks jointly invested ₹30 lakhs for 1.8% equity, resulting in a valuation of approximately ₹16.67 crore. Raghuveer accepted the revised valuation because the partnership offered strategic advantages in healthcare, branding, and business expansion. The deal became one of the most meaningful healthcare investments of Season 3 due to its potential to improve the quality of life for cancer patients undergoing chemotherapy.

Following its appearance on Shark Tank India, Eva Scalp Cooling System gained widespread national recognition. The publicity significantly increased awareness among hospitals, oncologists, and cancer patients regarding scalp cooling therapy. The company continued expanding its installation network and actively sought partnerships with hospitals across India. As of the latest public updates, Eva remains India's first manufacturer of scalp cooling systems and continues working toward making chemotherapy-related hair preservation more accessible and affordable for patients.