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Exclusive: Palmonas set to raise Rs 200 Cr at 4X valuation premium

EntrackrEntrackr · 2d ago
Exclusive: Palmonas set to raise Rs 200 Cr at 4X valuation premium
Medial

Exclusive: Palmonas set to raise Rs 200 Cr at 4X valuation premium Palmonas is set to raise Rs 200 crore (approximately $22 million) in its Series B round led by XPONENTIA Capital, with participation from existing investor Vertex Ventures, according to the company’s internal documents reviewed by Entrackr. Palmonas last raised Rs 55 crore from Vertex Ventures in May last year. Entrackr exclusively reported the fundraise at the time. The company’s filings with the Registrar of Companies (RoC) indicate the fundraise, as its board is set to issue 815 Series B CCPS at an issue price of Rs 13,59,434 each to raise Rs 110 crore. The remaining Rs 90 crore is expected to be raised through a separate filing shortly. XPONENTIA Capital will lead the round with Rs 179 crore, or nearly $20 million, while existing backer Vertex Ventures will invest Rs 21 crore. According to the documents, Palmonas’ valuation is expected to jump 3.8X to Rs 1,950 crore (around $217 million) post-money, compared to over Rs 500 crore in its previous round. New investor XPONENTIA Capital will hold a 10.68% stake after the allotment of the new round. Existing investor Vertex Ventures will command a 14.25% stake whereas the company’s co-founders Pallavi Mohadikar, Amol Patwari, and Shraddha Kapoor will collectively retain around 65% ownership. Queries sent to Palmonas did not elicit a response till the time of publication. We will update the story as and when the company responds. Founded in 2022 by Amol Patwari and Pallavi Mohadikar, Palmonas specialises in demi-fine jewellery such as necklaces, rings, bracelets, earrings, and mangalsutras made from stainless steel with 18k gold vermeil coating. In February last year, Palmonas raised Rs 1.26 crore on Shark Tank India Season 4 from investors Namita Thapar and Ritesh Agarwal, valuing the company at Rs 126 crore post-money. Prior to this, the brand had secured Rs 6 crore in an angel round. In March 2024, it also brought on board Bollywood actress Shraddha Kapoor as a co-founder. For the fiscal year ended March 2025, Palmonas reported a significant jump in its operating revenue, which surged over 40X to Rs 39 crore from Rs 97 lakh in FY24. During the same period, the company also turned profitable, posting a profit of Rs 4.3 crore. Palmonas competes with larger players in the segment, including GIVA, which is raising $12 million in a new round; BlueStone, which went public last year; and Firefly Diamonds, which raised $3 million in a seed round led by WestBridge Capital in March last year. Other competitors include COLUXE, Fiona Diamonds, Limelight Lab Grown Diamonds, and Jewelbox.

Shraddha Kapoor-backed Palmonas to raise Rs 55 Cr led by Vertex Ventures

EntrackrEntrackr · 9m ago
Shraddha Kapoor-backed Palmonas to raise Rs 55 Cr led by Vertex Ventures
Medial

Shark Tank-famed direct-to-customer (D2C) jewellery startup Palmonas is all set to raise its maiden institutional round. This will be the second funding for the Pune-based company in 2025. "Vertex Ventures is leading Rs 55 crore in Series A round at a post-money valuation of Rs 550 crore ($65 million)," said one of the sources requesting anonymity as discussions are yet to be public. Founded in 2022 by Amol Patwari and Pallavi Mohadikar, Palmonas specialises in demi-fine jewellery such as necklaces, rings, bracelets, earrings, and mangalsutras made from stainless steel with 18k gold vermeil coating. In February this year, Palmonas raised Rs 1.26 crore on Shark Tank India Season 4 from investors Namita Thapar and Ritesh Agarwal, valuing the company at Rs 126 crore post-money. Prior to this, the brand had secured Rs 6 crore in an angel funding round. In March 2024, it roped in Bollywood actress Shraddha Kapoor as its co-founder. Sources indicate that the deal terms have been finalised, and the company is likely to announce the transaction soon. Queries sent to Palmonas and Vertex Ventures did not receive a response by the time of publication of this story. For the fiscal year ending in March 2024, Palmonas reported Rs 5.38 crore in operating revenue against Rs 3.83 crore in FY23. Its losses stood at Rs 1.24 in FY24. It has yet to file its annual report for FY25. Vertex Ventures closed its fifth fund at $541 million in 2023, targeting investments from pre-Series A to Series B. Its recent bets include SpotDraft (lifecycle management), Spyne (AI-based photography and editing), and D2C electronics brand Nuuk.

Palmonas raises Rs 55 Cr in Series A round led by Vertex Ventures

EntrackrEntrackr · 6m ago
Palmonas raises Rs 55 Cr in Series A round led by Vertex Ventures
Medial

Demi-fine jewellery startup Palmonas has raised Rs 55 crore (around $6.2 Mn) in a Series A funding round led by Vertex Ventures Southeast Asia & India (SEAI). The proceeds will be used to expand Palmonas’ 9kt gold demi-fine collection, open 100 new stores in the next 12 months, and foray into newer categories. Founded in 2022 by Pallavi Mohadikar and Amol Patwari, with Shraddha Kapoor later joining as cofounder, Palmonas specialises in demi-fine jewellery crafted from surgical stainless steel and sterling silver with 18K gold vermeil finish, spanning necklaces, rings, bracelets, earrings, and mangalsutras. Palmonas follows a D2C-first business model, generating sales primarily through its online store, while also leveraging marketplaces like Amazon and Flipkart, along with offline retail outlets. Since launch, the startup has processed over 6.5 lakh orders and built a strong base of repeat customers. The brand was valued at Rs 126 crore earlier this year, following an investment of Rs 1.26 crore by Namita Thapar and Ritesh Agarwal on Shark Tank India Season 4. Prior to this, it had raised Rs 6 crore in an angel round in 2023. Palmonas competes with D2C jewellery players like GIVA, BlueStone, CaratLane, Melorra, and Firefly Diamonds, all of which are capitalising on India’s shift towards digital-first jewellery shopping. The Indian jewellery market, still dominated by offline players with nearly 85% share, is witnessing rapid digital adoption. The country’s online jewellery market is projected to reach $3.7 billion by 2025, creating opportunities for new-age brands like Palmonas.

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