Jewellery brand Palmonas, which is also backed by actress Shraddha Kapoor, made an appearance on the reality television show Shark Tank India Season 4 recently, securing a funding of ₹1.26 crore from sharks Namita Thapar, the executive director of Emcure Pharmaceuticals, and Ritesh Agarwal, the founder of OYO.
The following are some facts about Palmonas and its appearance on Shark Tank.
Shraddha Kapoor did not create the brand but joined later
Pallavi Mohadikar and Amol Patwari are the founders of the brand, while Shraddha owns a 21% stake in it. The actress’ investment into the brand and being appointed as its co-founder happened after the founders came to know that she was in fact, a loyal customer and reached out to her.
‘Demi-fine’ jewellery
The brand focuses on demi-fine jewellery. Demi-fine jewellery here refers to jewellery made with surgical-grade stainless steel that is plated with 18k gold vermeil (An alloy of sterling silver and gold), coupled with semi-precious stones, making it more affordable for the masses, while also not being cheaper imitation pieces.
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Rapid growth
Originally founded in 2022, the brand claims it has a current growth of 200% year-on-year. It has also launched five retail stores in just three months and ships its products worldwide.
Vineeta Singh called its lifetime warranty misleading
When Shark Kunal Bahl, the co-founder of Snapdeal questioned the lifetime warranty of the products, the co-founders explained that “it’s a depreciating asset, but if in the first six months you return the product, we give you 50% of the order value. After 6-12 months, we give 25% of the purchase value, and after that, for a lifetime, we give 15% of the purchase value as store credit.”
To this, Bahl responded, saying “But this is not a lifetime warranty.” Sugar Cosmetics founder Vineeta Singh added that when customers realise 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,” she said.
Shraddha Kapoor didn’t come on Shark Tank to pitch the brand
When the sharks pointed out Shraddha’s absence, Pallavi responded saying, “She was very excited to come on the show. I told her, yeh tumhari expertise nahi hai (this is not your expertise)”. The panel burst out in laughter at the reference to Namita Thapar’s phrase.
