An entrepreneur who pitched a unique device that could reduce hair-loss for cancer patients left the panel of Shark Tank India very impressed. The device, he said, is priced at Rs 13 lakhs, and comes with replaceable haircaps that could reduce the chances of a cancer patient losing their hair during chemotherapy, and potentially ease their psychological stress.
The entrepreneur’s ask was for Rs 30 lakh, in exchange of 1.2% equity in his company. He assured the sharks that the device is medically approved in India, and that the former India chief of Pfizer is on his board. Namita Thapar, who was doubtful of the product’s efficacy, was encouraged by the endorsement from the former Pfizer boss, and therefore, she decided to make a joint offer with Aman Gupta for 2% equity.
Also read – Shark Tank India: Aman Gupta tears up signed cheque as entrepreneur brothers blow deal worth Rs 1.5 crore
Ritesh Agarwal also had an offer for the entrepreneur, but all the sharks were very interested in also understanding the company’s financials. The entrepreneur revealed that he had received previous funding, and that his company is currently valued at Rs 25 crore. This left the sharks baffled. “What will you do with just Rs 30 lakh?” Ritesh asked, and Anupam Mittal echoed, “Exactly.”
The entrepreneur 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 entrepreneur’s answer impressed the sharks even further. He said that his goal is to target a Rs 50 crore valuation by next year, and Rs 100 crore within five years.
In the end, Ritesh, Aman and Namita all came on board to fund the Rs 30 lakh that the entrepreneur was looking for, in exchange for 1.8% equity. The entrepreneur was pleased with the deal.
Disclaimer: The copyright of this article belongs to the original author. Reposting this article is solely for the purpose of information dissemination and does not constitute any investment advice. If there is any infringement, please contact us immediately. We will make corrections or deletions as necessary. Thank you.
