Jewelry model Palmonas, which can also be backed by actress Shraddha Kapoor, made an look on the truth tv present Shark Tank India Season 4 just lately, securing a funding of ₹1.26 crore from sharks Namita Thapar, the manager director of Emcure Prescription drugs, and Ritesh Agarwal, the founding father of OYO.
Palmonas, which can also be backed by Shraddha Kapoor, made a latest look on the truth tv present Shark Tank India Season 4(Palmonas)
The next are some details about Palmonas and its look on Shark Tank.
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Shraddha Kapoor didn’t create the model however joined later
Pallavi Mohadikar and Amol Patwari are the founders of the model, whereas Shraddha owns a 21% stake in it. The actress’ funding into the model and being appointed as its co-founder occurred after the founders got here to know that she was in actual fact, a loyal buyer and reached out to her.
‘Demi-fine’ jewelry
The model focuses on demi-fine jewelry. Demi-fine jewelry right here refers to jewelry made with surgical-grade stainless-steel that’s plated with 18k gold vermeil (An alloy of sterling silver and gold), coupled with semi-precious stones, making it extra reasonably priced for the lots, whereas additionally not being cheaper imitation items.
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Speedy progress
Initially based in 2022, the model claims it has a present progress of 200% year-on-year. It has additionally launched 5 retail shops in simply three months and ships its merchandise worldwide.
Vineeta Singh referred to as its lifetime guarantee deceptive
When Shark Kunal Bahl, the co-founder of Snapdeal questioned the lifetime guarantee of the merchandise, the co-founders defined 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 clients realise that they’ve been misled by the promise of a lifetime guarantee, it would impression the model. “If I buy something worth ₹3,000 and in return get a ₹450 gift voucher, it holds no real value,” she mentioned.
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Shraddha Kapoor did not come on Shark Tank to pitch the model
When the sharks identified Shraddha’s absence, Pallavi responded saying, “She was very excited to come back on the present. I instructed her, yeh tumhari experience nahi hai (this isn’t your experience)”. The panel burst out in laughter on the reference to Namita Thapar’s phrase.