Shark Tank India Season 3: Stemtech Medical Devices Lands Rs. 30 Lakh Deal to Combat Hair Loss in Cancer Patients

Hair loss is a significant concern for patients undergoing chemotherapy, often undermining their confidence and increasing apprehensions about seeking the treatment they need. Recognizing this fear, the founder of the Eva Scalp Cooling System devised a solution aimed at alleviating these worries and empowering patients to pursue chemotherapy with greater confidence.

Originating in Mumbai, Stemtech Medical Devices, the parent company, is dedicated to addressing the distress of hair loss and providing support to cancer patients. As the first company in Asia to develop this technology, it involves the application of a cold cap or cooling device to the scalp before, during, and after chemotherapy to reduce blood flow to the hair follicles, thus minimizing hair loss.

Presenting his concept and brand to the sharks, Raghuveer Surupa, an alumnus of IIM Ranchi, showcased the product's features in the third season of the show.

This innovative system is now operational in 12 hospitals across five states, having completed 1000 successful sessions in the past year. Surupa proposed a deal of Rs. 30 lakh for a 1.8% equity stake.

The deal was eventually sealed with Namita Thapar, Executive Director of Emcure Pharmaceutical Ltd, Aman Gupta, co-founder and CMO of BOAT, and Ritesh, founder and CEO of OYO Rooms, each contributing Rs 10 lakh for a 1.8% equity stake.

Reflecting on the experience of pitching to the sharks, Surupa remarked, "Pitching to 5 sharks at once was far more challenging than expected."

Expressing gratitude for the support from the Shark Tank team, Surupa also acknowledged the extensive effort put into making startups shine behind the scenes, stating, "It was eye-opening to see the amount of work that goes behind the scenes to make startups look good."