How is CERVICHECK Doing After Shark Tank India?

Founder/Owner: Anirban Palit & Sayantani Pramanik
Business: Sampling Kit
Ask: ₹75 lakhs for 1.5% Equity
Valuation/ Networth: ₹50 Crores
Funding: ₹75 lakhs for 5% Equity
Sharks: Namita Thapar
Episode: Season 3 Episode 29

CERVICHECK Shark Tank India Pitch:

The founders shared that only 2% of women in India go through preventative screening tests for cervical cancer. Despite cervical cancer being one of the most preventable forms of cancer, many deaths occur because of a lack of screening tests being done. The lack of screening is due to the pap test being somewhat embarrassing and invasive. CERVICHECK is a solution created to solve this issue. CERVICHECK is a patented self-sampling kit which helps women collect their own samples privately, conveniently, and comfortably. Their product is made in India and approved by the FDA after successful clinical trials. The company sought an investment of ₹75 lakhs for 1.5% of the equity valuing the business at ₹50 Crores.

CERVICHECK Revenue & Financials During Shark Tank India:

CERVICHECK is still in a pre-revenue stage and is hoping to start commercial manufacturing soon. The company is also developing another test which would generate immediate results like pregnancy tests. The founders shared that their product results are 95% accurate. Moreover, The company’s go-to-market strategy is a direct-to-consumer sales model through labs, hospitals, and NGOs. CERVICHECK will cost the consumer ₹250 and the HPV test costs about ₹3000, bringing the total cost to the consumer to ₹3,250.

CERVICHECK has already received an investment from an incubator in Pune. They raised ₹30 Lakhs at ₹3 Crore valuation in 2020 when the product was in the early development stage. The company has raised total grants of ₹2.2 Crores since then which was how they were supporting this mission so far. They currently still have ₹27 lakhs in the bank.

CERVICHECK’s manufacturing price would be at ₹135 and selling price would be at ₹250. The founders shared that they already have interest for orders even before the product launch. They are projecting to sell around 40,000 kits in the first year as their first model and using some other revenue streams they would bring in revenue of ₹3.25 Crores to the company.

CERVICHECK Shark Tank India Negotiations & Funding:

Amit was the first shark to go out of CERVICHECK’s negotiations due to not having clarity on how big this business would become and the company’s path to revenue. Aman goes out because he wasn’t sure if this product would be a hit or a miss in the long run. Anupam commented that this would require category creation and ₹75 lakhs wouldn’t be enough for that; therefore, he goes out of the deal as well.

Ritesh was the first shark to put the offer out and he offered ₹75 Lakhs for 5% of the company with a condition that the company would need to bring either a business executive or a business co-founder before they close the deal. This values their company at ₹15 Crores. Namita matched Ritesh’s offer but with a different condition that her Emcure technical team would do due diligence on this first. The founders countered Namita at 3%, which she refused as she felt like she already gave a generous offer. The founders accepted that offer and they shook hands on ₹15 Crore valuation.

Who are the founders of CERVICHECK?

Anirban Palit & Sayantani Pramanik founded CERVICHECK. They are from Baroda, Gujarat. Sayantani worked in the Bio-pharma industry for 5 years and she has a Ph.D. in biochemistry.