In the sector of fine jewellery, a new name is making waves – Palmonas. Founded by Pallavi Mohadikar and Dr. Amol Patwari in 2022, the brand is on a mission to redefine India’s jewellery landscape, one piece at a time. With a vision to craft exquisite, high-quality pieces that are both affordable and durable, the brand quickly gained traction. Shortly after its launch, actor Shraddha Kapoor, one of its first customers, joined as a Co-Founder.
The sharks were impressed by the brand’s vision and the founders’ conviction, but they didn’t hold back on tough questions.
The stakes grew higher as the founders made their ask 1.26 crore for 1% equity. The sharks were intrigued, leading to an intense discussion. As deliberations continued, the sharks admired the customized jewellery pieces the founders had gifted them. The passion and belief behind Palmonas were undeniable.
Pallavi shared that Shraddha has been promoting the brand at an event. Namita asked about the equity share, she shared that Shraddha Kapoor shares 26% equity. Pallavi and Amol share their educational and business backgrounds. They have previously launched their saree brand Karagiri. However, the brand was later acquired by an accelerator.
Ritesh asks who convinced whom to leave the doctor’s job and join the saree brand. Amol shared that he wanted to be a part of Pallavi’s journey and he chose to quit his job. The duo then shared their journey on making
Vineeta and Namita love the designs. Namita wears the earrings and Pallavi details about the price points and the branding. The duo then gives a detailed overview of their unit economics, profits and loss. Aman asks why do they want a ₹126 crore valuation.
Vineeta asks how did she get Shraddha on board, Pallavi said, “We spotted Shraddha wearing our brand and she had even commented. I checked the customer list and Shraddha had ordered in the name of S Kapoor. I made a reel with the details and tagged her. She connected with us and appreciated our jewellery. I was 8.5 months pregnant when I met her and things further happened naturally. I had manifested this deal with her and it happened.
Namita was all impressed with Pallavi and she gave her offer of ₹1.26cr at 1% equity with royalty of 1% sale recouped. Kunal then asks how they give lifetime warranty on their jewellery. Pallavi makes them understand how their warranty works. Vineeta says, “When they will come to know that customers ko thaga gaya hai, then how will they react? This would ruin the brand.”
Pallavi reveals that they are doing re-plating for free. Vineeta then asks whether they add cost on gross margin. Pallavi then explains the gross margin in unit economics. Vineeta then expresses concerns on the cost. Aman asks what is their super power, is it design, marketing, price, Shraddha Kapoor or them.
Kunal is impressed with Pallavi but his issue with their brand is that they are at a pushed stage. He then backs out. Aman offers, ₹40 Lakhs for 3% and rest debt at 12% interest for 3 years. Aman then changed it to 2%. Namita changes her royalty to 0.5%. The pitchers refuse to give royalty and explain why they don’t want to give. Namita further negotiates and they seal the deal. Aman and Ritesh were highly impressed by Namita’s negotiation skill. Aman calls her ‘Asli shark’.
Stepping onto the