A new name in fine jewellery is making waves through Palmonas. Founded by Pallavi Mohadikar and Dr. Amol Patwari in 2022, the brand set out to redefine India’s jewellery landscape. Their goal was to create high-quality, affordable, and durable pieces. The brand quickly gained attention, and soon after its launch, Shraddha Kapoor, one of its first customers, joined as a co-founder.
Stepping onto the Shark Tank India 4 stage, Pallavi and Dr. Amol radiated confidence. Their pitch impressed the sharks, but tough questions soon followed. Kunal Bahl raised concerns about the durability of Palmonas’ gold plating, emphasizing that customer satisfaction depended on it. The founders, well-prepared for scrutiny, assured him of their commitment to quality and innovation.
The stakes rose as they made with their ask ₹1.26 crore for 1% equity. The sharks were intrigued, leading to an intense discussion. They admired the customized jewellery pieces the founders had gifted them. The passion behind Palmonas was undeniable.
During the conversation, Pallavi shared that Shraddha Kapoor had been actively promoting the brand at events. When Namita Thapar asked about Shraddha’s equity share, Pallavi revealed that the actor held 26%. The discussion then shifted to the founders’ backgrounds. Pallavi and Dr. Amol had previously launched Karagiri, a saree brand that was later acquired by an accelerator.
Ritesh Agarwal asked who had convinced whom to leave the medical profession and join the saree business. Amol explained that he had chosen to be part of Pallavi’s journey, leaving his doctor’s job to support her. The duo then spoke about their transition to demi-fine jewellery, highlighting how their products stood out from mass-produced jewellery in the market.
Vineeta Singh asked if there was a real problem that Palmonas was solving. Pallavi explained that their brand offered innovative designs and catered to women with skin sensitivities. Namita pressed for details about competitors, and Pallavi’s well-structured response left an impression.
Both Vineeta and Namita loved the jewellery designs. Namita tried on a pair of earrings while Pallavi detailed pricing and branding strategies. The founders then presented their unit economics, breaking down profits and losses. Aman Gupta questioned their valuation, asking why they sought a ₹126 crore valuation.
Curious about Shraddha’s involvement, Vineeta asked how she came on board. Pallavi shared an interesting story. Shraddha had purchased their jewellery under the name “S Kapoor.” When Pallavi noticed this, she created a reel and tagged the actor. Shraddha responded positively, and their association grew from there. Pallavi recalled meeting her while she was 8.5 months pregnant and said she had manifested the partnership. When Aman asked them why Shraddha disn’t come Pallavi said though she was excited to come she told her “Yeh tumhari expertise nehi hai yeh mai kar leti hu.”
Shraddha Kapoor has also shared her thought and belief on the brand. She said, “Jewellery should be like your second skin—something you don’t have to overthink.. With the support of Shark Tank India platform, we are set to redefine the way India wears jewelry.”
Impressed, Namita made an offer, ₹1.26 crore for 1% equity with a 1% royalty on sales until the investment was recouped. Kunal then asked how they could offer a lifetime warranty. Pallavi explained their warranty structure in detail. Vineeta expressed concerns about customer trust, saying, “When they will come to know that customers ko thaga gaya hai, then how will they react? This would ruin the brand.” Pallavi reassured her that they provided free re-plating.
Vineeta then asked if re-plating costs were included in the gross margin. Pallavi walked the sharks through their cost structure. Vineeta remained skeptical about the cost implications. Aman then asked what their superpower was, design, marketing, pricing, Shraddha Kapoor, or the founders themselves.
Kunal appreciated Pallavi’s clarity but felt the brand was still in a “pushed stage” and backed out. Aman offered ₹40 lakh for 3% equity, with the remaining amount as debt at 12% interest for three years. He later revised his offer to 2% equity. Meanwhile, Namita reduced her royalty demand to 0.5%. The founders, however, were firm about not giving royalty and explained their reasoning.
Namita continued negotiating, and eventually, a deal was sealed. Aman and Ritesh praised Namita’s negotiation skills, with Aman calling her the “Asli Shark.”
Reflecting on their experience, Pallavi said, “Being on Shark Tank India 4 was unforgettable. We’re thrilled to present our jewellery and share our vision. We believe our designs can disrupt the industry and leave a lasting impact.”