Key Highlights
- Palmonas Raises Rs. 55 Crore in Series A Funding Led by Vertex Ventures, Valued at Rs. 550 Crore.
- Shark Tank India’s Palmonas Sees Rapid Growth with Rs. 5.38 Crore Revenue in FY24, Despite Losses.
- Shraddha Kapoor Joins Palmonas as Co-Founder Amidst Series A Funding Round and Brand Expansion.
The D2C jewellery startup Palmonas from Shark Tank is launching its first institutional round of funding. This is the company’s second investment round this year.
It is understood that Vertex Ventures is leading a Rs 55-crore investment in Series A at Rs. 550 crore ($65 million), a valuation that includes those raised.
Undertaken by Amol Patwari and Pallavi Mohadikar in 2022, Palmonas has built up a collection of necklaces, rings, bracelets, earrings and mangalsutras coated with gold and made from stainless steel.
In February this year, Palmonas was valued at Rs. 126 crore after raising Rs. 1.26 crore from investors Namita Thapar and Ritesh Agarwal during Shark Tank India Season 4. Before this, the brand closed an angel funding round for Rs. 6 crore. Shraddha Kapoor came on board as co-founder of the brand in March 2024.
In fiscal year 2023-2024 which ended in March 2024, Palmonas earned Rs. 5.38 crore in operating revenue, compared to Rs. 3.83 crore in the previous year. In FY24, the company had losses totalling Rs. 1.24. The company has not released its annual report for FY25.
Also Read: Agritech Platform Unnati Agri Hits Rs. 500 Crore Revenue
In 2023, Vertex Ventures finished closing its fifth fund with $541 million and they plan to invest at the pre-Series A and Series B stages. Recently, Glenn helped fund SpotDraft, Spyne and a new D2C electronics store called Nuuk.
