‘This isn’t a lifetime warranty’

On the most recent episode of Shark Tank India, the husband-and-wife team behind the demi-fine jewellery line, Palmonas, made an appearance, which may have been the most on-brand pitch of the season. Pallavi and Amol defined demi-fine jewellery as falling somewhere in between fine and artificial jewellery, and they went on to say that their wares are distinguished by a heavier layer of gold plating than the more affordable artificial jewellery. In contrast to less expensive alternatives, Pallavi assured the panel of “sharks” that their products have no effect on the skin. Amol and Pallavi disclosed that Shraddha Kapoor has a 21% stake in the Palmonas brand, and she is also a co-founder of the company. They valued the company at Rs 126 crore and requested Rs 1.26 crore in return for 1% stock.

Shraddha Kapoor’s stake in Palmonas

When the “sharks” questioned Pallavi about Shraddha’s absence, she disclosed that she had recommended the star to forego the show due to her lack of experience in pitching. When asked by Vineeta Singh how the couple brought the actor on board, Pallavi said that’s a fascinating story. Sometime while perusing Instagram, she came across Shraddha’s jewellery—a Palmonas creation. After a fan complimented her necklace, she said that she had purchased five additional pieces due to her overwhelming love for it. S. Kapoor was one of the customers Pallavi discovered when she reviewed her orders again. They had no idea Shraddha was making a purchase from them. With any luck, the reel they prepared reading “Shraddha wears Palmonas” will find its way to her. Indeed, it did, and Pallavi travelled to Mumbai to meet the actor while she was eight months along in her pregnancy. The outcome was satisfactory.

The company has raised Rs. 6 crore in an angel round, valuing it at Rs. 126 crore, and Pallavi informed the “sharks” that they expect Rs. 35 crore in revenue this year. Despite acknowledging that he cannot compete with that valuation, Aman Gupta expressed a desire to give it a go nevertheless. Namita Thapar laughed at his offer of Rs. 20 crore. In exchange for one percent of the equity, Namita gave the founders the exact valuation they were hoping for. No way could they agree to royalties, Pallavi told her. Namita assured them that the cost would be minimal compared to the value of her skills.

While this was going on, Kunal Bahl questioned Pallavi over her “lifetime warranty” and found out that it wasn’t totally true. According to the co-founder, they give back a portion of the purchase price when they buy things back, and after a specific amount of years, they give back 15% in the form of shop credits.

The news shocked Vineeta. After saying this isn’t a lifetime warranty, she asked what would happen to their brand if they told customers it was. She said, “Jab customers ko pata chalega ke lifetime warranty ke naam pe unhe thugga gaya hai, toh brand pe impact hoga?” (When customers find out that they were scammed in the name of a lifetime warranty, it will impact the brand.) Ultimately, a store voucher worth Rs. 400 is useless if she spends Rs. 3000 on an item; nothing in their store costs Rs. 400.

Kunal and Vineeta both pulled out of the agreement. But Ritesh Agarwal volunteered to work with Namita. In order to confer with one another, Pallavi and Amol requested some time. Kunal advised Namita not to allow the royalties to threaten her business, given that they were in the outdoors. He remarked to her not to insist on royalties; they will easily make ten times their money. However, Namita remained unfazed; she advised Ritesh to adopt a tough stance and negotiate, confident that she would eventually agree. Namita advised him to simply wait while informing Pallavi and Amol that she brings more value than Rs 50 lakh when they returned, but they reiterated that they cannot give royalties. Pallavi consented, which shocked everyone. With a look at Namita, Aman crossed his arms and declared, “You’re the real shark.”

Shark Tank India Season 4 is currently streaming on Sony LIV (OTTplay Premium).

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