"Unhe thugga gaya hai": Vineeta Singh calls out Shraddha Kapoor's brand on Shark Tank India for misleading customers

Shraddha Kapoor's jewellery brand made its way to Shark Tank India Season 4 where Vineeta called them out for misleading customers.

Shraddha Kapoor's jewellery brand, Palmonas, recently appeared on the reality television show Shark Tank India Season 4. The co-founders of the brand, Pallavi Mohadikar and Amol Patwari, pitched their business to the sharks, seeking funding of ₹1.26 crore for 1% equity. While the sharks were impressed with the pitch and the products, Vineeta Singh pointed out that the brand was misleading its customers.

Vineeta Singh accuses Shraddha Kapoor's brand of cheating customers.

How Shraddha came onboard

Amol and Pallavi revealed that Shraddha holds a 21% stake in the brand. Recalling how they got her on board, Pallavi said, "It’s a very interesting story. I was scrolling through Instagram one day and noticed that Shraddha was wearing a Palmonas piece. A fan commented about her necklace, and she replied, saying she had bought five more because she liked it so much. I went back and checked my orders and found a customer named S Kapoor. She had been buying from us, and we didn’t realise it! We made a reel saying ‘Shraddha wears Palmonas’ and hoped that it would reach her. It did. I was eight and a half months pregnant when I went to Mumbai and met her. And things worked out.”

The sharks loved the jewellery designs and found them to be "as good as gold." Pallavi informed the sharks that the company was projecting revenue of ₹35 crore this year. After discussing the numbers, Namita offered them ₹1.26 crore for 1% equity but with a 1% royalty on sales until she recovered her investment.

Kunal Bahl then questioned the lifetime warranty that the brand offers on its products. The co-founders explained, "Of course, 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." A disappointed , Kunal responded, "But this is not a lifetime warranty."

Vineeta slams Palmonas' co-founders

Vineeta Singh then added, "But when the customers will get to know ki lifetime warranty ke naam pe unhe thugga gaya hai, toh thoda brand pe impact hoga. Kyunki agar main 3000 rupay ka kuch khareedungi 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 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. Because there’s nothing in your store worth ₹450)." She then backed out of making an offer.

Aman Gupta also offered them a valuation of ₹20 crore. While the co-founders were initially hesitant about accepting royalties, Namita and Riteish joined hands and convinced them to accept ₹1.26 crore for 1% equity along with a 0.5% royalty.