Actress Shraddha Kapoor’s jewellery brand, Palmonas, recently made an appearance on Shark Tank India Season 4, with co-founders Pallavi Mohadikar and Amol Patwari pitching for Rs 1.26 crore in exchange for 1% equity. While the pitch impressed the investors, concerns were raised over the brand’s marketing claims, particularly its “lifetime warranty” offer.
During the discussion, Snapdeal’s co-founder, Kunal Bahl, questioned the validity of the warranty, prompting the founders to clarify that while their jewellery depreciates over time, their policy allows customers to claim 50% of the purchase value within six months, 25% within a year, and 15% as store credit for a lifetime.
Bahl dismissed the explanation, stating, “This is not a lifetime warranty.” Vineeta Singh, founder of Sugar Cosmetics, strongly criticised the offer, arguing that it could mislead customers. “If I buy something worth Rs 3,000 and only get Rs 450 as store credit, it holds no real value—especially if nothing in the store is available at that price,” she remarked. Singh subsequently declined to invest in the company.
Despite the concerns, Palmonas still garnered interest from other sharks. Aman Gupta, co-founder of boAt, valued the company at Rs 20 crore. Eventually, Namita Thapar and Ritesh Agarwal struck a deal with the co-founders, offering Rs 1.26 crore for 1% equity along with a 0.5% royalty.
Palmonas, which counts Kapoor as a 21% stakeholder, has grown into a major player in the jewellery industry, with projected revenues of Rs 35 crore this year. The brand gained Kapoor’s attention organically when she purchased and publicly praised its products before officially partnering with the company.
However, the Shark Tank controversy has sparked discussions around transparency in brand marketing, particularly in the direct-to-consumer (D2C) space.