Is Gold Life Solutions out of business after Shark Tank India?

• Founder:  Sharad Ashani
• Business: Anti-Suicidal Fan Rod
• Ask: ₹50 lakhs for 5% Equity
• Valuation/Net worth: ₹10 Crores
• Result: ₹50 lakhs for 30% Equity
• Sharks: Vineeta Singh, Gazal Alagh & Peyush Bansal
• Episode: Season 1 Episode 28

Gold Life Solutions Shark Tank Pitch:

Gold Life Solutions, a Mumbai-based startup, made its pitch on Shark Tank India Season 1 Episode 28, led by founder Sharad Ashani. The startup manufactures anti-suicidal ceiling fan rods designed to prevent hanging suicides. Sharad Ashani claimed to have already installed over 50,000 of these anti-suicidal rods. These rods are installed in various settings, including hotels, hospitals, jails, and hostels.

In 2020, 1,53,000 people committed suicide according to the National Crime Record Bureau. Most of those suicides are done by hanging themselves with a fan. The daily death toll for these numbers is at 145. Sharad wanted to decrease this number Therefore, Gold Life Anti-Suicide fan rods were developed. This innovation is tested by the government, and they have been granted a patent as well. The rod opens after over 22 KG of weight is applied to the fan.

It costs them ₹140 to make each rod, and they sell the rods for ₹400 for a standard 10-inch rod. They have been in business for four years and made 5 lakh in the first year. This was followed by 16 lakh in the second year and 35 lakh in the third year. They made 10 lakh in the fourth year, and the year to date for this year is at 15 lakh, with projections at 60 lakh as they already have 15-20 thousand orders in the pipeline. They are currently selling through Indiamart, but they also have a website through which consumers can contact them. Their gross margin is at 45%, and EBITA is at 20%. They are hoping to achieve 10 crores in 5 years.

Gold Life Solutions Shark Tank Negotiations:

Anupam comments that there is an opportunity to build a new fan brand based on this innovation, and if the entrepreneurs are open to that idea, he may be interested in the investment. With their current model, he would need to stay out, so he wishes the company luck. Namita says that technology can be tweaked around the patent, and other manufacturers will open their own lines of similar products, so she goes out of the deal as well. Vineeta shares that they can collaborate with other companies to scale this initiative, but she doesn’t feel like they can scale the Gold Life brand; therefore, she also steps out of the deal.

Gazal feels like the product still needs more market testing, so she would be interested in this brand eventually, but as of this moment, she steps out of the deal. Peyush adds that he loves purpose-driven businesses, and based on that, he offers ₹10 lakh for 10% equity and the rest as a debt at 12%. The company takes a moment to think, and during that time, other sharks also show interest in coming back to the deal. Vineeta and Gazal also feel strongly about the cause and offer ₹50 lakh for 30% of the company. Peyush matches their offer. The company counters at ₹50 lakh for 30% of the company, with all interested sharks coming together on the deal. Sharks accept that offer, and they close the deal!

How is Gold Life Solutions doing After Shark Tank India?

As for the current status of Gold Safe Solutions after Shark Tank India, your research suggests that the deal with the sharks went through. Gaurav Ashani, Managing director, of the company shared that the company closed its first month after the show aired they got 100+ calls from dealers and distributors across India and they closed their march at 10X growth. However, as of November 2023, there has been no recorded activity for the company for over a year now, leading to the belief that the company may be out of business.

Source: Goldlife Instagram