Goldmedal Electricals Pvt. Ltd

Goldmedal Electricals Pvt. Ltd

Type	Privately held company
Industry	Electronics
Founder(s)	Jugraj Jain
Key people	Kishan Jain (Director)
Products	Modular Switches, Home Automation Products, LEDS, Fans, Wires and Cables
Website	https://www.goldmedalindia.com/

Goldmedal Electricals is a family-owned and operated electrical firm established in 1979 in India. Headquartered in Mumbai, Goldmedal has three manufacturing units for wires, switches and other electrical products for both residential and commercial usage.

Introduction

Set up in 1979, Goldmedal Electricals is headquartered in Mumbai, Maharashtra and has a pan India presence with branches in all 29 states of India. Goldmedal has established a network of more than 1000 employees and over 20,000 dealers running its own ERP system. It also has 13 company-owned experience centers across the country. It has three manufacturing facilities in India located at Vasai (Maharashtra), Bhiwadi (Rajasthan), and Vijayawada (Andhra Pradesh). Goldmedal announced to set up its fourth facility in Hyderabad, Telangana, in August 2019, for making fans and appliances.

The business turnover of the company in 2018-19 was INR 1,400 crore with a projected CAGR of more than 40 percent year on year. It also exports to the UAE, Nepal, Bangladesh, and Bhutan.

History

Otmalji Goraji was an entrepreneur who had started different businesses over his lifetime. In 1979, Otmalji along with his son Jugraj Jain, started trading in electrical switches and wires in a small shop under the name of Bright Electricals in Vijayawada, Andhra Pradesh. In the early days, it traded switches and wires of then-popular brands like Anchor, SSK, Sona and others.

After the sudden demise of Otmalji Goraji in 1980, Jugraj Jain looked after the business and expand the business throughout the state of Andhra Pradesh. He started marketing wires and cables under the Goldmedal brand name. In 1995, Goldmedal entered the manufacturing of urea and border switches by setting up its first factory in Goregaon, Mumbai. During this time, Praveen Jain, the younger brother of Jugraj Jain had also joined the family business.

In the year 1998, Kishan Jain, the eldest son of Jugraj Jain, completed his graduation and joined the company with the production team. In 2001, the company started manufacturing polycarbonate switches and launched its first series of switches called the G-Magic. Afterward, Goldmedal established a factory for manufacturing wires and cables in Bhiwadi, near Delhi in 2007.

A few years later, the two younger sons of Jugraj Jain also joined the family business – Bishan in 2006 and Kapil in 2010. In the following years, Goldmedal ventured into various product categories and expanded the business to include LEDs, PVC pipes, doorbells, accessories like night lamps and spike guards, MCBs, DBs, home automation products, etc.

Products

Goldmedal manufactures a range of electrical products including various types of switches, wires & cables, home automation systems, Miniature Circuit Braker (MCBs), extension cords, Modular Entertainment Systems, CFLs, doorbells, LED luminaires and more for residential buildings as well as commercial establishments. They manufacture a variety of modular switches that can operate with a touch, tap or swipe.

In 2007, Goldmedal launched locking system switches. And switches can be replaced without changing the entire plate, without any damage to the wall or ceiling. Goldmedal Electricals launched the dust-free GIFA switch series in 2014. And introduced a range of home automation products, that can also be controlled manually or through remote control, mobile app or voice commands like Amazon Alexa and Google Assistant. The company also introduced i-Sense Senso Switch which can be operated with a wave or hand gesture.

In March 2021, the company entered the fan segment including Ceiling fans, Table fans, Wall fans, Personal, Pedestal, Portable, Axial and Ventilation fans.

Critical reception

• Goldmedal won four consecutive Best Stall Design awards at India’s premier construction exhibition event, the Economic Times Architecture and Construction Exhibition in 2015-16 at Ahmedabad, Bengaluru, Mumbai and Delhi.
• Kishan Jain, Director, Goldmedal Electricals was awarded the Outstanding Young Indian Award by Junior Chamber International (JCI) in September 2018.
• In December 2019, Goldmedal won the Promising Brands Award by The Economic Times.
• The directors of Goldmedal Electricals were felicitated with ET Business Icons West 2020 award in their effort in bringing innovation in the electrical segment.

Marketing

Saif Ali Khan and Jacqueline Fernandez are appointed Goldmedal Electricals brand ambassadors. And for southern markets, actor Mohanlal was announced as the brand ambassador. Electrical manufacturing company has released an ad campaign with brand ambassador Mohanlal, featuring actress Honey Rose. The company has also promoted its brand through the sponsorship of films like Zero and Toofan.

The company has collaborated with Paytm to launch an exclusive app-enabled loyalty scheme, called “Dhan Barse”, for their channel partners. This scheme is designed to bring all company associates from dealers to counter boys under one digital umbrella.

The company launched its mascot, “The Wireman”, in 2019.

The company also has launched many experience centres across India for its customers to experience the product lines. These centres offer a complete overview of the wide range of products and their functions to customers, dealers and retailers.