Vineeta Singh Criticizes Shraddha Kapoor’s Jewelry Brand on Shark Tank India for Misleading ‘Lifetime Warranty’ Claims

Vineeta Singh Criticizes Shraddha Kapoor’s Jewelry Brand on Shark Tank: The emotional hullabaloo in the recent episode of Shark Tank India was when Vineeta Singh faced the decision-makers behind Palmonas, a demi-fine jewellery brand co-owned by Shraddha Kapoor, on certain aspects of warranty claims. Pitch on the husband's wife's duo Pallavi and Amol, who were seeking ₹1.26 crore for 1% equity, thereby valuing their company at an exorbitant ₹126 crore.

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Pallavi and Amol proudly claimed that Palmonas provides high-end plating that not only crosses all barriers of artificial jewelry but also acts wonder to the skin. But then, Vineeta raised an eyebrow at their 'lifetime warranty' promise, and all of a sudden, the conversation turned. Meanwhile, Aman Gupta was also unable to hide his fascination with Namita Thapar's negotiation skills, as she was able to cubcycle a deal which suited both the owners' valuations.

Founders announced Palmonas on their success trajectory, forecasting a revenue of ₹35 crore in this financial year, and already had an angel funding of ₹6 crores, at the same valuation of ₹126 crore. Then came the time to make offers, and Aman Gupta advanced his skepticism over the value and made an offer with a huge markdown of only ₹20 crores. On the other hand, Namita Thapar put an offer at par with the valuation by the founders but included a royalty clause of 1%. Pallavi quickly rejected the royalty sellout, but Namita defended her position, saying that her service made it worthy of the price.

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The presentation boiled over before Kunal Bahl when he scrutinized the lifetime warranty put forth by Palmonas. The warranty was not as concise as it was advertised to be. Instead of full replacements or refunds, after a certain period of time, customers would receive store credit equal to a percentage of the order value. Vineeta found the entire practice shocking and came out to scold it. “This isn’t a lifetime warranty. Jab customers ko pata chalega ke lifetime warranty ke naam pe unhe thugga gaya hai, toh brand pe impact hoga?" she observed that it, for example, did not serve a customer very well when it offered him store credit for just ₹400 toward a ₹3,000 purchase.

Ultimately, they came out without a deal, as the sharks pointed out that with all potential the brand had, there could be no compromise on trust and transparency of the brand for building consumer loyalty in the long term.

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