PALMONAS Raises ₹1.26 Crore Investment on Shark Tank India

Demi-fine jewellery brand PALMONAS has successfully raised ₹1.26 crore for a 1% equity stake during Season 4 of Shark Tank India. The investment was secured from Namita Thapar, Executive Director of Emcure Pharmaceuticals, and Ritesh Agarwal, Founder of OYO. This deal, which values PALMONAS at ₹126 crore, was negotiated by the brand’s co-founders, Amol Patwari and Pallavi Mohadikar.

In 2023, the brand welcomed actor Shraddha Kapoor as a co-founder, and the funds raised will facilitate their plans for offline expansion, international growth in markets such as the U.S., Middle East, and Southeast Asia, and further develop AI-driven personalization strategies. The pitch revealed that Shraddha Kapoor has a 21% stake in the company.

Inside the Pitch: Negotiations, Revelations, and a Bold Move

During the pitch, Pallavi Mohadikar indicated that PALMONAS anticipates generating ₹35 crore in revenue this year and has already secured ₹6 crore in a prior angel investment, maintaining the ₹126 crore valuation.

Investor Aman Gupta expressed scepticism, noting that he was unable to meet that valuation but proposed an offer of ₹20 crore, which was promptly rejected by Namita Thapar. Instead, she suggested the valuation that the founders were seeking but required 1% in royalties—a term that Pallavi was not ready to accept.

Kunal Bahl raised concerns about the brand’s claim of a “lifetime warranty,” revealing it was not entirely factual. “This isn’t a lifetime warranty. When customers find out they’ve been misled, won’t it damage the brand?” Vineeta Singh questioned PALMONAS’ product guarantee on Shark Tank India Season 4. She noted that if a customer pays ₹3,000 but later receives merely a ₹400 store voucher, it diminishes in value. Unconvinced by the response, she decided to withdraw from the deal, as did Kunal Bahl.

With Vineeta and Kunal stepping back, Ritesh Agarwal decided to join forces with Namita. As the founders took a moment to discuss, Kunal advised Namita to forgo the royalty request, suggesting: “You will make back your investment tenfold, don’t pursue royalties.”

Despite the advice, Namita retained her confidence. When Pallavi and Amol returned, they once again declined the royalty demand. However, Namita maintained her position, asserting that she would provide value exceeding the ₹50 lakh in royalties. Surprisingly, Pallavi ultimately agreed to the deal, leaving Aman Gupta astonished by Namita’s determination, leading him to exclaim: “You’re the real shark.”

What’s Next for PALMONAS?

With the investment secured, PALMONAS is preparing to broaden its product offerings, enhance its digital and retail footprint, and drive innovation. The brand has already launched five retail stores within a span of three months, showcasing rapid growth.

Co-founder Amol Patwari highlighted the significance of the funding, stating, “Securing this investment from Namita Thapar and Ritesh Agarwal exemplifies PALMONAS’ potential. With Shraddha Kapoor’s collaboration, we are poised to make premium jewellery more accessible.”