Palmonas, a Pune-based direct-to-consumer (D2C) demi-fine jewellery startup co-founded by Bollywood actress Shraddha Kapoor, is set to raise ₹55 crore in its Series A funding round, led by Vertex Ventures. This investment values the company at a post-money valuation of ₹550 crore (approximately $65 million) .
About Palmonas
Founded in 2022 by Amol Patwari and Pallavi Mohadikar, Palmonas specializes in demi-fine jewellery, offering products like necklaces, rings, bracelets, earrings, and mangalsutras crafted from stainless steel with 18k gold vermeil coating. The brand aims to bridge the gap between fine and fashion jewellery, providing affordable yet elegant pieces.
In March 2024, Shraddha Kapoor joined Palmonas as a co-founder, bringing her influence and vision to the brand. Her association has significantly boosted the company’s visibility and appeal among younger consumers .
Previous Funding and Growth
Earlier in 2025, Palmonas secured ₹1.26 crore on Shark Tank India Season 4 from investors Namita Thapar and Ritesh Agarwal, valuing the company at ₹126 crore post-money. Prior to this, the brand had raised ₹6 crore in an angel funding round.
For the fiscal year ending March 2024, Palmonas reported operating revenue of ₹5.38 crore, up from ₹3.83 crore in FY23, with losses standing at ₹1.24 crore. The company has yet to file its annual report for FY25 .Entrackr
Utilization of Funds
The ₹55 crore raised will be utilized to:
- Expand offline retail presence across India.
- Enter international markets, including the US, Middle East, and Southeast Asia.
- Invest in AI-driven personalization technology to enhance customer experience.
These strategic initiatives aim to solidify Palmonas’ position in the fast-growing demi-fine jewellery market .
About Vertex Ventures
Vertex Ventures is a global venture capital firm that invests in early-stage startups. In 2023, the firm closed its fifth fund with a total of $541 million in capital. Its recent investments include companies like SpotDraft, Spyne, and D2C electronics brand Nuuk .Business Outreach