MUMBAI : An entrepreneur stunned the Shark Tank India panel with his novel technology that could help cancer sufferers stop losing hair. According to him, the device costs Rs 13 lakhs and has interchangeable haircaps that may lessen the psychological stress experienced by cancer patients while undergoing chemotherapy and lessen the likelihood of hair loss.
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In return for 1.2% equity in his company, the entrepreneur requested Rs 30 lakh. The device has received medical approval in India, he assured the sharks, and the former Pfizer India chief is a member of his board. The support from the former Pfizer CEO gave Namita Thapar confidence despite her doubts about the product's effectiveness, and she subsequently agreed to jointly give 2% equity with Aman Gupta.
The business owner had an offer from Ritesh Agarwal as well, but all the sharks wanted to know the company's financials. The business owner disclosed that his company is currently valued at Rs 25 crore and that he has previously obtained investment. The sharks were perplexed by this. “What will you do with just Rs 30 lakh?” Ritesh asked, and Anupam Mittal echoed, “Exactly.”
The business owner had an answer ready, “The reason why I’m raising only Rs 30 lakh is because I want FDA approval in the United States. This Rs 30 lakh is a strategic investment, and the FDA approval will open up many other countries, and at the same time, our credibility in India will also increase.”
The sharks were even more impressed by the entrepreneur's response. He stated that his objective is to aim for a valuation of Rs 50 crore by the following year and Rs 100 crore in five years. Finally, in exchange for 1.8% equity, Ritesh, Aman, and Namita agreed to contribute the Rs 30 lakh that the entrepreneur was seeking. The businessman was happy with the arrangement.
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Credit- The Indian Express
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