Preventing Suicide, One Fan Rod at a Time: The Story of Gold Life

Gold Life is a startup founded by Gourab Ashani and Sharad Ashani, hailing from Mumbai, India. The startup is aimed at addressing the issue of mental health and suicide, which is a growing concern not only in India but around the world. According to the National Bureau of Investigation, India witnessed around 1.53 lakh suicidal deaths in 2020, which translates to nearly 145 deaths per day.

To tackle this issue, Sharad Ashani invented an anti-suicide fan rod, which uses spring technology to fold out when more weight is put on it than the projected weight. This innovation can prevent people from using ceiling fans as a means of committing suicide. The product has been tested by the MSME lab, and the startup has delivered 50,000 of these rods in just four years.

VISION OF THE STARTUP

The aim of Startup Gold Life, founded by Gourab Ashani and Sharad Ashani from Mumbai, is to address the critical issue of mental health and suicide prevention globally. With suicide rates being a significant concern across the world, the founders recognized the need for an effective solution to prevent suicide.

To tackle this problem, Sharad Ashani invented an anti-suicide fan rod that uses spring technology to fold out when more weight is put on it than the projected weight. The rod is tested and certified by the MSME lab and has been successfully deployed in various places such as hostels, hotels, hospitals, lodges, homes, government quarters, and jails. In four years, they have delivered 50,000 products, with a focus on reducing suicide cases worldwide.

Startup Gold Life's vision is to provide practical and reliable anti-suicide solutions to individuals and institutions that need them the most. They believe that by offering effective suicide prevention measures, they can make a significant impact on mental health and save countless lives. Overall, their goal is to provide hope and support to people who may be struggling with mental health issues and prevent suicide by providing a product that can make a difference in their lives.

TARGET MARKT

Those who are at danger of suicide, particularly in India, are the main target market for Gold Life, owned by Gourab and Sharad Ashani. Hostels, lodgings, medical facilities, lodgings, residences, offices, and jails are included in this. Also, Gold Life focuses on organisations that can aid in lowering the suicide rate in India, including governmental agencies, charitable organisations, and other groups that are concerned with mental health and suicide prevention.

The anti-suicide fan rod from Gold Life is a dependable and secure device that has been proven in the MSME Lab to stop individuals from trying suicide. Gold Life expects to see further growth in its target market as it works to lower the number of suicide incidents globally.

SALES AND REVENUE

Gold Life is a start-up company based on selling rods and their value is estimated to be 10 crore rupees. The cost of making one rod is Rs.140 and the selling price is Rs.400 rupees, and the company has enjoyed a 45% gross profit and 25% net profit.

Gold Life has seen significant growth in sales since its founding. In the Fiscal Year (FY) 2017-2018, the company's sales totaled Rs.5 lakhs. This increased to Rs.16 lakhs in FY 2018-2019 and inflated further to Rs. 35 lakhs in FY 2019-2020. Unfortunately, their sales dropped to Rs.10 lakhs in the FY 2020-2021. However, this was still a remarkable increase from their initial sales.

As of now, the company has experienced Rs.15 lakhs sales in this FY year until half year and the projected sales are estimated to be Rs.60 lakhs. This will help Gold Life reach their desired profit margin, as the company has continuously maintained 45% gross profit and 25% net profit.

Gold Life has had a remarkable start and their continuous growth is quite commendable. With the projected sales of Rs.60 lakhs in this fiscal year, the company's future looks bright and the 10 crore rupee investment will undoubtedly yield profitable returns. The increase in production and sales will also provide sufficient resources for the company to expand operations, hire new employees, and invest in new technologies.

JOURNEY IN SHARK TANKS INDIA

The journey in the Shark Tank for Gold Life was a roller coaster ride. It all started with the pitchers of Gold Life approaching the Sharks with a ask of 50 lakhs rupees for 5% equity of the company.

However, Anupam and Namita stepped out from the deal because of the scalability issue. Vineeta backed herself and was not interested in the deal. Ghazal advised them to test the target customer more and for this time being she was out. Peyush counter offered for 10 lakhs rupees for 10% equity and rest 40 lakhs in debt @?12% interest. This changed the game for Gold Life as Vineeta and Ghazal both changed their mind and jointly counter offered for 50 lakhs rupees in exchange for 30% equity in the company. Gaurav and Sharad also counter offered for 50 lakhs in exchange of 30% equity of the company and wanted Vineeta, Peyush and Ghazal to join with them.

Finally, the deal was finalised by Vineeta, Ghazal and Peyush jointly for 50 lakhs rupees in exchange of 30% equity in the company. This was a great outcome for Gold Life as they were able to get the capital they needed to launch their product and expand their business. The journey in the Shark Tank for Gold Life was a success and a great learning experience for the pitchers.