The Stree 2 star Shraddha Kapoor’s jewelry brand is accused of scamming as, on Shark Tank India, Pallavi and Amol, the founders of the demi-fine jewelry brand Palmonas, pitched for Rs1.26 crore in exchange for 1% equity, valuing their company at Rs126 crore.
According to Indian media, the founders revealed that Shraddha Kapoor, who unknowingly bought their jewelry, later became a co-founder with a 21% stake. Interestingly, the ‘sharks’ were trying to understand why Shraddha Kapoor did not appear on the show.
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Pallavi stated that she told the actor that pitching would probably be out of her wheelhouse, so she should sit this one out. She said, “It’s a very interesting story. I was scrolling through Instagram one day and noticed that Shraddha was wearing a Palmonas piece.”
She stated, “A fan commented about her necklace, and she replied, saying she had bought five more because she liked it so much. I went back and checked my orders, and I found a customer called S Kapoor. She was buying from us, and we didn’t realize!”
According to her, it was not a scam. She said, “We made a reel saying ‘Shraddha wears Palmonas’ and hoped that it would reach her. It did. I was eight and a half months pregnant, I went to Mumbai and met her. And things worked out.”
At that moment, Pallavi told the ‘sharks’ that the company is projecting revenue of Rs 35 crore this year and that they’ve already raised Rs 6 crore in an angel round, for a valuation of Rs 126 crore. According to Aman Gupta, there was no way he could match that valuation, but he still wanted to take a shot.
