Palmonas

About Palmonas

Palmonas is a Pune-based, direct-to-consumer (D2C) startup operating in the demi-fine jewelry segment, positioning itself between inexpensive fashion accessories and traditional fine jewelry. The company was founded in 2022 by the husband-and-wife team of Pallavi Mohadikar and Dr. Amol Patwari. The initial idea stemmed from a conversation between the couple about the durability and skin-safe properties of surgical-grade stainless steel used by Dr. Patwari, an orthopedic surgeon. Mohadikar, who previously founded and sold the saree brand Karagiri, saw an opportunity to create stylish, high-quality, and affordable jewelry that wouldn't cause skin reactions like many imitation pieces do.

The company's business model is omnichannel, combining a strong online presence through its own website and marketplaces like Myntra and Blinkit, with a growing network of physical retail stores. Palmonas' product line features waterproof and tarnish-proof pieces crafted from materials like sterling silver and surgical-grade stainless steel with 18K gold plating. It has also expanded into 9kt gold jewelry. The brand targets modern Indian women, offering versatile designs that blend global trends with Indian heritage for everyday wear. The product range includes necklaces, rings, bracelets, and modern mangalsutras, with an average order value of Rs 2,500.

In March 2024, Bollywood actress Shraddha Kapoor joined the company as a co-founder, a move that significantly boosted the brand's visibility and market presence. Kapoor's involvement began organically after discovering the brand and evolved into a strategic partnership. Palmonas has demonstrated remarkable financial growth, with operating revenue surging from Rs 97 lakh in FY24 to Rs 39 crore in the fiscal year ending March 2025, during which the company also achieved profitability with a net profit of Rs 4.3 crore. The startup has successfully raised significant capital, including an appearance on Shark Tank India Season 4 where it secured Rs 1.26 crore. Subsequent funding rounds include a Series A of Rs 55 crore led by Vertex Ventures and a $40 million Series B round in April 2026, intended to fuel the expansion of its offline footprint to 100 stores.