Palmonas Secures New Funding in D2C Jewellery Market

Palmonas, a renowned direct-to-customer (D2C) jewellery startup popularized by Shark Tank, is gearing up to secure its first institutional funding round. This marks the second funding initiative for the Pune-based company in 2025.

Funding Details and Valuation Insights

According to an anonymous source, Vertex Ventures is spearheading a Series A investment of Rs 55 crore at a post-money valuation of Rs 550 crore ($65 million). This funding will significantly enhance Palmonas’s position within the competitive jewellery industry.

About Palmonas

Established in 2022 by co-founders Amol Patwari and Pallavi Mohadikar, Palmonas specializes in demi-fine jewellery including necklaces, rings, bracelets, earrings, and mangalsutras, all crafted from stainless steel and adorned with an 18k gold vermeil finish.

Previous Funding Rounds

In February 2025, Palmonas impressed investors on Shark Tank India Season 4, securing Rs 1.26 crore from prominent investors Namita Thapar and Ritesh Agarwal. This investment valued the company at Rs 126 crore. Earlier, Palmonas had raised Rs 6 crore through an angel funding round. In March 2024, the brand welcomed Bollywood actress Shraddha Kapoor as its co-founder, further solidifying its market presence.

Future Developments

Reports indicate that the deal terms have been successfully finalized, and an official announcement from Palmonas regarding the transaction is expected soon. Queries directed to both Palmonas and Vertex Ventures went unanswered at the time of publication.

Financial Overview

For the fiscal year concluding in March 2024, Palmonas reported an operating revenue of Rs 5.38 crore, an increase from Rs 3.83 crore in FY23. However, the company incurred losses amounting to Rs 1.24 crore in FY24 and has yet to submit its annual report for FY25.

Vertex Ventures and Their Investment Strategy

Vertex Ventures successfully closed its fifth fund in 2023 with a total of $541 million, focusing on investments that span from pre-Series A to Series B stages. Their recent investments include companies like SpotDraft (lifecycle management), Spyne (AI-based photography and editing solutions), and the D2C electronics brand Nuuk.