Palmonas, the Shark Tank-famed direct-to-consumer (D2C) jewelry startup, is set to raise its first institutional funding round. Pune-based Palmonas is reportedly finalizing a ₹55 crore Series A round, led by Vertex Ventures, at a post-money valuation of ₹550 crore (approximately $65 million), according to sources familiar with the matter.
Founded in 2022 by Amol Patwari and Pallavi Mohadikar, Palmonas specializes in demi-fine jewelry crafted from stainless steel with 18k gold vermeil coating. Its product range includes necklaces, rings, earrings, bracelets, and modern mangalsutras.
Earlier in 2025, the brand raised ₹1.26 crore on Shark Tank India Season 4 from Namita Thapar and Ritesh Agarwal, valuing the company at ₹126 crore. Prior to that, Palmonas secured ₹6 crore in an angel round. In March 2024, actress Shraddha Kapoor joined as co-founder.
The company reported ₹5.38 crore in revenue for FY24 with ₹1.24 crore in losses. An official announcement is expected soon.
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