Unhe thaga gaya hai, toh…. : Vineeta Singh slams Shraddha Kapoor’s brand for deceiving customers on Shark Tank India
Unhe thaga gaya hai, toh..... : Vineeta Singh slams Shraddha Kapoor's brand for deceiving customers on Shark Tank India
Palmonas, the jewelry brand founded by Shraddha Kapoor, recently showcased its offerings on Shark Tank India Season 4. Co-founders Pallavi Mohadikar and Amol Patwari sought ₹1.26 crore for a 1% stake in the business during their pitch. While the sharks admired the presentation and the products, Vineeta Singh expressed concerns about the brand potentially misleading its customers.
As for how Shraddha got involved, Amol and Pallavi shared that she owns a 21% stake in the brand. Pallavi recounted an interesting story about how they connected with her. One day, while scrolling through Instagram, she saw Shraddha wearing a Palmonas piece. A fan commented on the necklace, and Shraddha replied that she had bought five more because she loved it so much. Curious, Pallavi checked their orders and discovered a customer named S Kapoor, who had been purchasing from them without them realizing it! They made a reel titled “Shraddha wears Palmonas” in hopes of reaching her, and it worked. Pallavi, who was eight and a half months pregnant at the time, went to Mumbai to meet Shraddha, and everything fell into place.
The sharks were thrilled with the jewelry designs, calling them “as good as gold.” Pallavi mentioned that the company expected to earn ₹35 crore this year. After reviewing the figures, Namita offered ₹1.26 crore for 1% equity, but with a 1% royalty on sales until she recouped her investment.
Kunal Bahl asked about the lifetime warranty that the brand claims for its products. The co-founders clarified, “Yes, it’s a depreciating asset, but if you return the product within the first six months, we will refund you 50% of the order value. Between six to twelve months, we offer 25% of the purchase value, and after that, we provide 15% of the purchase value as store credit for a lifetime.” Kunal, feeling let down, replied, “But this isn’t really a lifetime warranty.”
Vineeta criticized the co-founders of Palmonas:
Vineeta Singh further commented, “Lekin jab customers ko pata chalega ki lifetime warranty ke naam pe unhe thaga gaya hai, toh thoda brand pe impact hoga. Kyunki agar main 3000 rupay ka kuch kharidungi aur in return mujhe ₹450 ka gift voucher milega, toh uski toh koi value nahi hai. Kyunki aapke store main ₹450 ka kuch hai hi nahi.” (But when customers realize that they have been misled by the promise of a lifetime warranty, it will impact the brand. If I buy something worth ₹3,000 and in return get a ₹450 gift voucher, it holds no real value. Because there’s nothing in your store worth ₹450.) After this, she decided not to make an offer.
Aman Gupta also suggested a valuation of ₹20 crore. Although the co-founders were initially reluctant to agree to royalties, Namita and Riteish collaborated to persuade them to accept ₹1.26 crore for a 1% equity stake along with a 0.5% royalty.
