C3 Med Tech
Initial Ask – Rs. 35 lacs for 6% equity at a valuation of Rs. 5.83 Cr.
About the Company
Trying to solve a problem which has not been not been solved by anyone globally, this company makes smart phone based basic eye check up providers. With 2 products namely, C3 vision and C3 Fundus Cam, they aim to solve the problem of detection of eye diseases like cataract, diebetic retinopathy and glaucoma. Their products just produce a result, which can be shown to the doctors and technicians for diagnosis.
60% of their sales account from Tier 2 and Tier 3 cities, where the technicians and ophthalmic fraternity are using these devices before moving to the more complex full fledged systems. These systems are the ones costing around Rs. 4-5 lacs, whereas this company sells its products at a price of Rs. 26,000. Thus, they want to make at least basic eye check up facilities available in every city and remote areas of India.
Past performance of the Company
They have made sales worth Rs. 22 lacs till now. As mentioned above, their selling price is Rs. 26000, whereas their cost of making along with packaging is Rs. 15500. This can definitely be reduced once the business starts scaling up.
Industry Overview
In India, 600 million people approximately have bad vision and need a solution to it. Out of these people, 80% can get better if they get regular check ups and proper care. However, this concerning problem has been taken very lightly in mainly rural areas, because of the lack of resources and affordability.
There have been companies trying to solve this problem globally, but they are lacking in research. Once companies like this one begin their sale, they are no more concerned with the problem at hand. Plus, pricing is a real challenge here, because Rs. 26000 for a product is not cheap in a country like India to make it available everywhere.
Offers made, and the one accepted:
Peyush Bansal was the only shark to give them an offer of Rs. 35 lacs for one-third portion of their company. Being a non-negotiable offer, this was rejected by the founders.