21 hours ago
In the recent episode of Shark Tank India, Vineeta Singh confronted the founders of Palmonas, a demi-fine jewellery brand co-owned by Shraddha Kapoor, over their warranty claims. The pitch was made by husband-wife duo Pallavi and Amol, who sought Rs 1.26 crore for 1% equity, valuing their company at Rs 126 crore.
Shraddha Kapoor’s jewellery brand faces scrutiny over warranty claims on Shark Tank India: Vineeta Singh accuses Palmonas of “scamming customers”
The duo explained that their jewellery offers a premium plating compared to artificial options and is safe for the skin. However, the discussion took a sharp turn when Vineeta questioned their ‘lifetime warranty’ policy. Meanwhile, Aman Gupta was left in awe of Namita Thapar’s negotiation skills as she presented an offer that met the founders' valuation expectations.
Shraddha Kapoor’s Stake and Absence from the Show
During the pitch, the sharks were curious about Shraddha Kapoor’s involvement in Palmonas. The founders revealed that Shraddha owns a 21% stake in the company and became a part of the brand after organically discovering their products online. Pallavi recounted how Shraddha purchased multiple items herself before being approached for collaboration. However, her absence from the show raised eyebrows, with Pallavi explaining that pitching wasn’t in the actor’s comfort zone.
The Valuation Debate and Namita Thapar’s Offer
Palmonas, projecting revenue of Rs 35 crore this year, had already secured Rs 6 crore in angel funding at a Rs 126 crore valuation. When it came to negotiations, Aman Gupta expressed skepticism about the valuation and offered a significantly lower Rs 20 crore. Namita Thapar, on the other hand, matched the founders’ valuation but included a 1% royalty clause. While Pallavi immediately rejected the royalty, Namita argued that the additional cost was justified in exchange for her expertise.
Vineeta Singh Calls Out ‘Lifetime Warranty’ Claim
The most heated moment occurred when Kunal Bahl scrutinized Palmonas’ ‘lifetime warranty’ policy, discovering that it wasn’t as comprehensive as advertised. Instead of full replacements or refunds, the company offers a percentage of the order cost as store credit after a certain period. This revelation shocked Vineeta Singh, who called out the misleading practice, stating, “This isn’t a lifetime warranty. Jab customers ko pata chalega ke lifetime warranty ke naam pe unhe thugga gaya hai, toh brand pe impact hoga?” She pointed out that receiving Rs 400 in store credit for a Rs 3,000 product held no real value for customers.
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