“Customers Feel Cheated”: Vineeta Singh Criticizes Shraddha Kapoor’s Brand for Misleading Claims on Shark Tank India

Palmonas, the jewelry brand co-owned by Shraddha Kapoor, recently made an appearance on Shark Tank India Season 4. The co-founders, Pallavi Mohadikar and Amol Patwari, pitched their business, asking for ₹1.26 crore in exchange for a 1% stake. While the investors (sharks) loved the jewelry and the presentation, Vineeta Singh raised concerns about whether the brand’s “lifetime warranty” was misleading customers.

How Shraddha Kapoor Became a Part of Palmonas

During their pitch, the founders shared an interesting story about how Shraddha Kapoor got involved with the brand.

One day, Pallavi noticed that Shraddha was wearing a Palmonas necklace in an Instagram post. A fan asked about it, and Shraddha replied that she loved it so much that she had bought five more! Curious, Pallavi checked their orders and found that a customer named S. Kapoor had been purchasing their jewelry—without them even realizing it was Shraddha.

Excited, the team made a social media reel titled “Shraddha wears Palmonas” in the hope of getting her attention. It worked! Pallavi, who was eight and a half months pregnant at the time, traveled to Mumbai to meet Shraddha, and soon after, she became an investor. Shraddha now owns a 21% stake in Palmonas.

Sharks’ Reactions and Investment Offers

The sharks loved the jewelry designs, calling them “as good as gold.” Pallavi shared that Palmonas expects to make ₹35 crore this year. After reviewing the financials, Namita Thapar offered ₹1.26 crore for 1% equity, but with a 1% royalty on sales until she recovered her investment.

However, Kunal Bahl questioned the brand’s “lifetime warranty.” The founders explained:

• If a customer returns the jewelry within six months, they get 50% of the amount back.
• Between six to twelve months, they get 25% of the purchase value.
• After a year, they get 15% as store credit, which can be used anytime.

Kunal wasn’t convinced and said, “This isn’t really a lifetime warranty.”

Vineeta Singh’s Criticism

Vineeta Singh strongly criticized the warranty policy, saying it might mislead customers. She explained, “If I buy something for ₹3,000 but only get a ₹450 gift voucher later, it has no real value, as there’s nothing in your store priced that low.” Because of this, she decided not to invest.

Final Deal

Aman Gupta suggested a lower valuation of ₹20 crore. The co-founders were hesitant about agreeing to a royalty, but in the end, Namita Thapar and Riteish Deshmukh convinced them to accept ₹1.26 crore for 1% equity with a 0.5% royalty on sales.

Thus, Palmonas secured an investment deal, and their appearance on Shark Tank India became a talking point in the business world.