'Unhe thugga gaya hai': Vineeta Singh slams Shraddha Kapoor's jewellery brand for 'misleading' customers

Bollywood actress Shraddha Kapoor's jewellery brand, Palmonas, recently appeared on Shark Tank India season 4. Palmonas co-founders, Pallavi Mohadikar and Amol Patwari, pitched their business to the sharks, asking for Rs 1.26 crores in exchange for 1 per cent equity. 

While the sharks seemed quite impressed with the idea, Sugar cosmetics founder Vineeta Singh pointed out that the brand was "misleading" its customers. 

Kunal Bahl, former CEO of Snapdeal, questioned the co-founders about the lifetime warranty they claim about the product, to which, they responded, "Of course, 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."

A disappointed, Bahl said, "But this is not a lifetime warranty."

This is when Vineeta Singh jumps in and says, "But when the customers will get to know ki lifetime warranty ke naam pe unhe thugga gaya hai, toh thoda brand pe impact hoga. Kyunki agar main 3000 rupay ka kuch khareedungi aur in return mujhe Rs 450 ka gift voucher milega, toh uski toh koi value nahi hai. Kyunki aapke store main Rs 450 ka kuch hai hi nahi (But when customers realise that they have been misled by the promise of a lifetime warranty, it will impact the brand. If I buy something worth Rs 3,000 and in return get a Rs 450 gift voucher, it is of no value. Because there’s nothing in your store worth Rs 450)." 

Following this, she dismissed making an offer. Aman Gupta, on the other hand, offered them a valuation of Rs 20 crores. Moreover, Namita Thapar and Ritesh Agarwal joined hands, offering the co-founders Rs 1.26 crore for 1 per cent equity along with a 0.5 per cent royalty.