Source: Palmonas
The Palmonas, a D2C (direct-to-consumer) jewellery startup from Pune, is gearing up to raise ₹55 crore (about $6.5 million), in its first institutional funding round. “Vertex Ventures is leading Rs 55 crore in Series A round at a post-money valuation of Rs 550 crore ($65 million),” said the sources according to Entrackr
This is the second funding for Palmonas of 2025. The startup had attracted attention at the beginning of this year when they appeared on Shark Tank India Season 4. On the show, the startup raised ₹1.26 crore from investors Namita Thapar and Ritesh Agarwal, which gave the company a valuation of ₹126 crore. Prior to this investment, Palmonas raised ₹6 crore as an angel round.
About Palmonas
Palmonas was founded in 2022 by Amol Patwari and Pallavi Mohadikar. They produce demi-fine jewellery that include necklaces, rings, bracelets, earrings and mangalsutras, made from stainless steel with an 18k gold vermeil finish providing an added balance of elegance, durability and affordability.
Palmonas added Bollywood actress Shraddha Kapoor to their roster as a co-founder in March 2024. Obviously, her association with the brand has raised visibility and reach with audiences.
As for the funding deal, according to Entrackr sources suggest it has been completed with Vertex Ventures and might possibly be announced officially soon; next up, we will await comments from Palmonas or Vertex Ventures.
The Financial Performance
Palmonas ended the financial year ending March 2024, with an operating revenue of ₹5.38 crore, up from ₹3.83 crore the previous year. However, the company incurred a loss of ₹1.24 crore in FY24. Financials for FY25 have not yet been released.
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. The firm has recently invested in companies such as SpotDraft (a contract management platform), Spyne (an AI-based photo editing tool), and Nuuk (a D2C electronics brand).
The ₹55 crore funding will enable Palmonas to increase its offline footprint, expand its customer base, and enter new markets, including the US, Middle East, and Southeast Asia. The company is also looking to use AI-based technology to offer personalized experiences to its users.
Palmonas has a unique product range, endorsement by celebrities and with new funding, seeks to strengthen its footprint in the fast-growing jewellery market.
