How did this man make 200 crores by selling heat belts?

Rajiv Mistry, founder of Ascent Meditech Ltd (AML), known for its flagship brand Flamingo, describes his journey to building a company worth approximately Rs 200 crore. Mistry, an engineer by training, began manufacturing electronic medical equipment in 1991, when the concept of heat belts was unknown in India.

Heat treatment is a popular method for relieving back pain. Furthermore, the Flamingo heat belt has become one of the most sought-after pieces of medical equipment for patients seeking treatment for musculoskeletal ailments.

Given Flamingo's current prominence, few would believe that its founder, Rajiv Mistry, who founded the company when he was 22, once considered closing it down after a few years, believing that his idea was a failure.

He said "There was no one doing this in India in 1991, when I erected the heating belt." It was an exotic product to most people. They were content with the warmth therapy provided by water bags. "Thoughts crossed my mind that maybe I'm on the wrong path, and I even considered closing the firm several times, but fate had other plans, and it took me a decade to make my product a success,".

When Rajiv introduced the heating belt, the company's yearly sales was less than Rs five lakh in the first year. Today, three decades later, Flamingo, which runs under the business Ascent Meditech Limited (AML), is likely to generate Rs 200 crore in revenue, according to Rajiv.

India, East Africa, and South East Asia are among AML's key markets. Developing a loss-making business into a major corporation

Rajiv knew he didn't want to work a 9-5 job after finishing his engineering degree in Mumbai. Rather, he desired to put his abilities to good use in business. Seeing the discomfort offered by heated water bags, he came up with the concept of creating an electronic heating belt.

Making the first prototype was not difficult for Rajiv, who is an electronics expert; but, getting users on board was time-consuming.