Palmonas, the direct-to-customer (D2C) jewellery brand that captured the nation’s attention on Shark Tank India, is not just surviving but thriving. The Pune-based startup is on the cusp of a significant milestone, poised to raise its maiden institutional funding round, a testament to its rapid growth and compelling vision. This development marks a pivotal moment for Palmonas, hot on the heels of its successful Shark Tank appearance and a growing celebrity endorsement.
The Glittering Details: A Rs 55 Crore Series A Round
Sources close to the development indicate that Palmonas is all set to close a Rs 55 crore Series A funding round, led by the prominent venture capital firm, Vertex Ventures. This substantial investment is projected to value the company at a post-money valuation of Rs 550 crore ($65 million). This infusion of capital will be the second funding round for Palmonas in 2025, underscoring investor confidence in its business model and future prospects. While official announcements are pending, the finalization of deal terms suggests an imminent public disclosure.
Palmonas’ A Journey of Shine: From Founding to Celebrity Co-founder
Founded in 2022 by the visionary duo Amol Patwari and Pallavi Mohadikar, Palmonas has carved a niche for itself in the dem-fine jewellery market. Their specialisation in stainless steel jewellery with an exquisite 18k gold vermeil coating offers customers a blend of durability, affordability, and luxury. Their product range, encompassing necklaces, rings, bracelets, earrings, and even traditional mangalsutras, caters to a broad consumer base seeking stylish and high-quality pieces.
Palmonas’ journey gained significant momentum in February 2025 when it successfully pitched on Shark Tank India Season 4. The company secured Rs 1.26 crore from investors Namita Thapar and Ritesh Agarwal, a deal that valued Palmonas at Rs 126 crore post-money. This exposure not only provided crucial capital but also propelled the brand into the national spotlight, dramatically increasing its visibility and customer base. Prior to their Shark Tank success, the brand had already secured Rs 6 crore in an angel funding round, demonstrating early investor confidence.
Adding another layer of star power, Palmonas further solidified its brand image in March 2024 by bringing on board Bollywood actress Shraddha Kapoor as a co-founder. This strategic move not only enhances brand appeal but also taps into Kapoor’s vast fan base, providing a significant boost to marketing and outreach efforts.
Palmonas Financial Footprint and Future Outlook
Palmona’s financial performance showcases a promising growth trajectory. For the fiscal year ending March 2024, the company reported an operating revenue of Rs 5.38 crore, a notable increase from Rs 3.83 crore in FY23. While the company did report losses of Rs 1.24 crore in FY24, this is not uncommon for fast-growing startups in their expansion phase, as investments are made into scaling operations, marketing, and product development. The annual report for FY25 is yet to be filed, and it will be interesting to observe the impact of the recent funding and celebrity co-founder on its financial figures.
Vertex Ventures, with its robust track record, closed its fifth fund at $541 million in 2023, specifically targeting investments from pre-Series A to Series B rounds. Their recent portfolio additions, including SpotDraft (lifecycle management), Spyne (AI-based photography and editing), and D2C electronics brand Nuuk, highlight their strategic focus on innovative and high-growth potential companies. Leading the Series A round for Palmonas signifies Vertex Ventures’ belief in the D2C jewellery brand’s disruptive potential and long-term viability in the competitive market.
As Palmonas prepares to announce its Series A funding, the future looks exceptionally bright for this D2C jewellery trailblazer. With a strong brand, strategic celebrity partnership, and now significant institutional backing, Palmonas is well-positioned to continue its upward trajectory, redefine the demi-fine jewellery landscape, and truly shine.
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