Monday to Friday at 9 pm on Sony, we see some of the best minds throughout India in Shark Tank India. Get an insight into the thinking of India’s most prominent entrepreneurs and investors. With these 5 Sharks leading the show, Peyush Bansal, Namita Thapar, Vineeta Singh, Anupam Mittal, and Ghazal Alagh. ‘Gold Life’ is now attempting to get their dream deal for the future of their company.
Read about the beautiful deal, which in turn will save many lives with their product here…
‘Gold Life’ entrepreneurs started their pitch by telling the sharks that according to the stats taken from National Crime Record Bureau India, about 153,000 people took their lives in 2020 itself. Out of this astounding figure, maximum people suicide by hanging themselves to a ceiling fan. As per stats, the number of people losing their lives this way is around 145 every day. According to them, this gave them the inspiration to come out with a solution to reduce suicide rates in the world.
As the suicidal rates are higher towards the younger generation consisting of students, this device can be beneficial. Gold Life entrepreneurs have made a very simple device – an anti-suicide fan rod, which one can easily install in their household, colleges, hostels, hotels, offices, etc. It has a spring mechanism which, when gets overloaded, opens up and the person trying to hang themselves will be lowered to the ground and an alarm will go off which will grab the attention of people nearby so that they can rush to his/ her aid.
Sales and Marketing
Gold Life claims to have sold 50,000 pieces of this product to date, wherein hospitals, hostels, lodges, hotels, government quarters, jails, etc., have been their major customers.
They have installed their products in every hostel room at IIM Ahmedabad and they have calls coming in from other IIMs too.
Offers Offered and the Negotiation
Gold Life had asked for 50 lakhs in return for 5% equity in their company.
Shark Peyush presented the offer of 10 lakhs at 10% equity and 40 lakhs as debt at 12 percent interest. Finally, sharks Vineeta and Ghazal made a combined offer for 50 lakhs for 30 percent equity. The team made them a request if all three sharks could get on board with them for 50 lakhs at 30% equity. All three sharks accepted and the deal was finalized.
Closing the Deal
Gold Life entrepreneurs closed the deal at 50 lakhs for 30 percent equity of their company and got three sharks on board with them – Peyush Bansal, Ghazal Alagh, and Vineeta Singh.