Founders & their story

• Raghuveer Surupa

Raghuveer, with eight years of experience in the field of cancer, founded Eva Scalp Cooling Treatment in 2020 to address the demotivation caused by hair loss during chemotherapy. The innovative solution utilizes precise cooling technology to maintain the accurate temperature of hair follicles, preventing hair loss. Recommended by oncology doctors and with regulatory approvals, Eva is among the three global companies pioneering this technology.

The treatment involves cooling the patient’s scalp with a proprietary coolant gel, administered by nurses in hospitals. Over 1000 sessions have been conducted across 12 hospitals in five states. The founder, hailing from Hyderabad and holding engineering and MBA degrees from IIM Ranchi, is dedicated to improving the lives of cancer patients. Eva’s patented cap design, allowing simultaneous and independent treatment for two patients, has proven efficacy of 50%. Primarily catering to women, the device is a game-changer in preserving hair during chemotherapy. The treatment spans pre-infusion, infusion, and post-infusion, with a total duration of 3-5 hours. The scalp temperature is reduced from 35 degrees to 17 degrees during the process.

Manufactured in-house, the cool cap has a life of 50 hours, allowing for four sessions per day. Eva Scalp Cooling Treatment is making significant strides in supporting cancer patients by offering a tangible solution to the emotional challenge of chemotherapy-induced hair loss.

About the company

Stemtech Medical Devices is leading the change in medical innovation within India. Stemtech is proud to introduce India’s first Scalp Cooling System, a revolutionary solution crafted with a profound understanding of the challenges confronted by chemotherapy patients. As a dedicated player in the medical device sector, Stemtech’s drive stems from a deep empathy for patients and a steadfast commitment to elevating their quality of life. Stemtech’s mission is crystal clear: to furnish patients with state-of-the-art medical solutions that tangibly improve their healing journey. The flagship product, the Eva Scalp Cooling System, epitomizes this dedication.

Tailored to combat the distressing side effects of chemotherapy-induced hair loss, Eva extends a supportive hand to cancer patients, empowering them with a sense of control and dignity during their arduous battle. Stemtech’s Patient-Centric Focus remains the bedrock of their endeavours. Stemtech Medical Devices operates with an unyielding dedication to patient well-being. Their patient-centric approach ensures that every device they develop is not only technologically advanced but also deeply considerate of the physical and emotional needs of those undergoing medical treatments.

Revenue

The system is priced at 13 lakhs, significantly lower than other brands priced at 24 lakhs. Additionally, the cool cap is available for just 6k. Sales for FY 22-23 amounted to 22.5 lakhs, while for FY 23-24 (up to November) sales surged to 59 lakhs. With a healthy gross margin of 85%, the company experienced a loss of 26 lakhs during FY 23-24. However, despite this setback, they have managed to raise a total of 2.5 crores.

Founders’ Ask 

30 lakhs for 1.25% equity at the valuation of Rs. 25 crores.

Offers:

Aman and Namita’s offer: 30 lakhs for 2% equity at the valuation of Rs. 15 crores.

Ritesh’s offer: 30 lakhs for 1.2% equity at the valuation of Rs. 25 crores.

Aman, Namita and Ritesh’s offer: 30 lakhs for 1.8% equity at the valuation of Rs. 16.67 crores.

Final Deal

Aman, Namita and Ritesh: 30 lakhs for 1.8% equity at the valuation of Rs. 16.67 crores.