Demi-fine jewellery brand PALMONAS has raised ₹1.26 crore for a 1% equity stake on Shark Tank India Season 4, securing investment from Namita Thapar, Executive Director of Emcure Pharmaceuticals, and Ritesh Agarwal, Founder of OYO. The deal, valuing PALMONAS at ₹126 crore, was struck by the brand’s co-founders, Amol Patwari and Pallavi Mohadikar.
The brand, which onboarded actor Shraddha Kapoor as a co-founder in 2023, plans to use the funds to expand offline, grow internationally in the U.S., Middle East, and Southeast Asia, and enhance AI-driven personalization. During the pitch, the founders revealed that Shraddha Kapoor holds a 21% stake in the company.
Inside the pitch: Negotiations, revelations, and a bold move
During the pitch, Pallavi Mohadikar shared that PALMONAS expects to generate ₹35 crore in revenue this year and has already raised ₹6 crore in an earlier angel round, maintaining a ₹126 crore valuation.
Investor Aman Gupta was sceptical, stating he couldn’t match that valuation but still made an offer at ₹20 crores, which Namita Thapar immediately dismissed. Instead, she offered the valuation the founders sought but asked for 1% in royalties—a condition Pallavi was unwilling to accept.
Meanwhile, Kunal Bahl questioned the brand’s “lifetime warranty” claim and discovered it was not entirely accurate.
“This isn’t a lifetime warranty. When customers realize they’ve been misled, won’t it hurt the brand?” asked Vineeta Singh, questioning PALMONAS’ product guarantee on Shark Tank India Season 4. She pointed out that if a customer buys something for ₹3,000 but only gets a ₹400 store voucher years later, it holds little value. Unconvinced, she backed out of the deal, as did Kunal Bahl.
With Vineeta and Kunal out, Ritesh Agarwal stepped in to partner with Namita. As the founders took a moment to consult, Kunal advised Namita to drop the royalty demand, saying: “You will easily make 10 times your money, don’t insist on royalties.”
But Namita remained confident. When Pallavi and Amol returned, they rejected the royalty condition once again. However, Namita held her ground, insisting she brings more value than the ₹50 lakh in royalties. To everyone’s surprise, Pallavi agreed to the deal.
Aman Gupta, stunned by Namita’s persistence, folded his hands and said: “You’re the real shark.”
What’s next for PALMONAS?
Following the investment, PALMONAS is set to expand its product range, strengthen its digital and retail presence, and push innovation. With five retail stores launched in just three months, the brand is rapidly scaling.
Co-founder Amol Patwari emphasized the impact of the funding: “Securing this investment from Namita Thapar and Ritesh Agarwal is a testament to PALMONAS’ potential. With Shraddha Kapoor on board, we’re ready to make premium jewellery more accessible.”