Pune based D2C jewellery startup Palmonas is all set to raise INR 55 crore in its first institutional funding round. The Series A round is led by Vertex Ventures, a global venture capital firm that backs early stage innovations across sectors.
According to induatries reports, the round values Palmonas at USD 65 million (~INR 550 crore) post money. The deal is closed and an official announcement is expected in the next few days. Palmonas and Vertex Ventures have declined to comment at the time of publishing.
From Shark Tank to the Global Stage
Founded in 2022 by Amol Patwari and Pallavi Mohadikar, Palmonas is into demi-fine jewellery – a growing segment that bridges the gap between high end fine jewellery and costume jewellery. Their products include necklaces, rings, bracelets, earrings and mangalsutras made from stainless steel with 18k gold vermeil coating, offering durability, elegance and affordability.
The brand got national attention earlier this year when it appeared on Shark Tank India Season 4 where it raised INR 1.26 crore from investors Namita Thapar and Ritesh Agarwal at a valuation of INR 126 crore. This was followed by an angel round of INR 6 crore making this upcoming Series A round its third funding milestone in a short span.
A strategic turning point for the company came in March 2024 when Bollywood actress Shraddha Kapoor joined Palmonas as co-founder. Kapoor’s association has helped the brand gain massive visibility and appeal especially among the younger and fashion conscious audience.
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Financials and Strategy
Palmonas reported operating revenue of INR 5.38 crore in the fiscal year ending 31 March 2024 from INR 3.83 crore in FY23 – a 40% year on year growth. However, it also posted a net loss of INR 1.24 crore in FY24. The company’s financial results for FY25 are yet to be filed.
The fresh capital infusion from Vertex Ventures is expected to be a catalyst for the brand’s next phase of expansion. Palmonas plans to scale its offline presence, enter international markets such as the United States, Middle East, and Southeast Asia, and leverage AI-driven personalization technologies to enhance customer experience.
Vertex Ventures: Strategic Alignment
Vertex Ventures, which closed its fifth fund at USD 541 million in 2023, is no stranger to D2C and technology-driven brands. Its recent investments include SpotDraft (contract lifecycle management), Spyne (AI-based photo editing), and Nuuk (D2C electronics). The firm’s strategic interest in Palmonas underscores the growing investor confidence in India’s digital-first consumer startups, especially those operating in niche yet scalable verticals.
Outlook
Palmonas stands at the confluence of celebrity branding, niche innovation, and digital-native appeal. With Shraddha Kapoor as the face of the brand and institutional backing from Vertex Ventures, the company appears well-positioned to tap into both domestic and international jewellery markets. The upcoming months will be crucial as it executes its expansion roadmap and transitions from a Shark Tank-featured brand to a global aspirant in the demi-fine jewellery segment.