Pallavi Mohadikar, an IIM Lucknow MBA and CEO, alongside her husband and co-founder, Dr. Amol Patwari, launched Palmonas in 2022 after a casual tea-time conversation regarding surgical steel durability. Positioned as India's first dedicated Demi-Fine jewellery brand, the company grew its revenue from ₹97 lakh in FY24 to ₹39 crore in FY25, achieving net profitability. The brand welcomed Bollywood actress Shraddha Kapoor as an equity-based co-founder, raised $47.3 million across four rounds—including a $40 million Series B in April 2026—and now operates 75 retail stores across 31 cities, with every single brick-and-mortar store operating profitably.
A Tea-Time Conversation, Ten Days to Launch, and a Category India Had Never Seen
Palmonas was built by an executive team combining strategic scale expertise with clinical material research.
Pallavi Mohadikar (CEO): Holds a BTech in Electronics and Telecommunication Engineering alongside an MBA in Marketing from the Indian Institute of Management (IIM) Lucknow. Prior to Palmonas, she had already built and successfully exited Karagiri, securing the entrepreneurial foundation required to manage rapid scaling timelines.
Dr. Amol Patwari: Contributed a strong medical and research background to the partnership's material development phase.
During a casual tea-time conversation in 2022, the founders identified a major structural gap in the Indian jewellery market that had been overlooked for decades. The domestic market had always operated between two rigid extremes:
Fine Jewellery: High-priced investment pieces bought almost exclusively for weddings and major festivals, meant to be stored away securely.
Fashion Jewellery: Low-cost imitation accessories that typically tarnished, oxidized, or caused skin irritation within weeks of wear.
Between those two extremes sat an enormous, unaddressed gap for younger consumers who wanted premium, long-lasting jewellery that remained affordable enough to wear every day.
Palmonas was built to fill that gap. They called the category Demi-Fine—a term they have since trademarked, underlining their ambition to establish the category as much as the brand itself. Moving from conceptualization to their first live collection in just ten days, the brand established a culture centered around operational speed.
"Ten days after the idea of Palmonas was born, we launched our first collection. That same spirit of speed, ambition, and customer obsession drives us today," notes Pallavi Mohadikar, CEO.
Material Engineering & The "S. Kapoor" Organic Growth Story
The brand's core product architecture is built on a precise and powerful promise: waterproof, anti-tarnish, skin-safe, lightweight, and durable enough for everyday wear while remaining genuinely affordable.
Material Engineering Specifications
The core collections utilize medical-grade surgical stainless steel and 925 sterling silver finished with a premium 18K gold plating or gold vermeil layer measuring 2.5 microns thick. This coating is significantly thicker than traditional fashion jewellery's typical 0.1 to 0.5-micron flash plating, which tarnishes within weeks.
By prioritizing this durability, the brand offers a standard one-year replacement warranty across its complete design catalog, which includes necklaces, rings, bracelets, earrings, mangalsutras, and evil-eye charms—all designed in-house at their Pune headquarters. The brand has since expanded into the 9KT everyday jewellery segment and is now actively innovating in the 9-carat gold tier with lab-grown diamonds, providing an agile category alternative amid surging global gold prices.
The Strategic Celebrity Co-Founder
The transition of Bollywood actress Shraddha Kapoor from a quiet retail consumer to an active corporate stakeholder stands as one of the most unique organic stories in Indian celebrity business history.
In late 2023, the brand began receiving multiple retail orders under the name "S. Kapoor." When the team investigated, they discovered that Shraddha Kapoor had been quietly buying Palmonas jewellery under her initials without revealing her identity, drawn to the brand entirely through organic Instagram discovery.
"I was searching for simple, good quality and reasonably priced jewellery on the internet because I was so fed up of my daily wear jewellery breaking or getting spoiled. I came across Palmonas and was just blown away by their products," Shraddha Kapoor stated. "I went crazy purchasing so many pieces because I fell in love with their design sensibility. The product is everything and the fact that Pallavi and Amol have nailed that got me very charged up and excited to partner with them."
In March 2024, rather than accepting a conventional ₹2 to ₹3 crore annual celebrity endorsement endorsement deal, Shraddha Kapoor chose to become an official Co-Founder with genuine equity investment, deploying her own personal capital alongside existing shareholders. Her organic digital audience of over 82 million Instagram followers provided a massive strategic advantage, offering a native media reach worth an estimated ₹10 to ₹20 crore annually in advertising equivalent.
The Funding Journey — From Shark Tank to a ₹1,950 Crore Valuation
Palmonas managed its capitalization milestones across a strategic blend of angel networks, televised media pitches, and major institutional late-stage venture rounds.
1.Angel Capital Formulation:Pre-Shark Tank Phase.
Raised an initial angel funding round of ₹6 crore to expand initial production capacities and establish baseline product-market fit.
2.Shark Tank India Validation:February 2025.
Appeared on Shark Tank India Season 4. The company achieved a ₹126 crore corporate valuation and secured a ₹1.26 crore capital injection from Namita Thapar and Ritesh Agarwal.
3.Series A Institutional Scaling:August 2025.
Raised ₹55 crore in a Series A funding round led by Vertex Ventures Southeast Asia & India to expand regional supply chain networks.
4.Series B Milestone Acceleration:April 2026.
Secured a landmark $40 million (approx. ₹373 crore) Series B funding round co-led by Xponentia Capital and Vertex Growth Fund, with continued participation from Vertex Ventures SEA & India. PwC India served as the exclusive financial adviser for the transaction, which elevated Palmonas' post-money valuation to approximately ₹1,950 crore—nearly 3.8 times higher than its previous valuation.
The Series B capital is being actively deployed to expand the physical retail footprint aggressively, innovate inside the lab-grown diamond sector, and deepen the omnichannel experience across every consumer touchpoint.
Scale and Real-World Impact
The financial and operational metrics below showcase Palmonas’ commercial baseline.
Performance Dimension
Verified Operational & Platform Value
Year-over-Year Revenue Growth
Scaled from ₹97 lakh in FY24 to ₹39 crore in FY25 (a 40-fold increase)
Corporate Profitability Status
Turned net-profitable in FY25 with a recorded net profit of ₹4.3 crore
Logistical Fulfillment Volume
Fulfilled over 6.5 lakh discrete customer orders globally
Global Export Footprint
Serves retail consumers across 200-plus countries
Retail Infrastructure Scale
75 operational stores across 31 cities and 18 Indian states
Physical Footprint Area
Spans approximately 60,000 square feet of active retail space
Store-Level Unit Economics
100% of operational physical brand stores operate at a net profit
Human Capital Scaling
Staff grew to 228 employees by August 2025 (a 660% YoY headcount jump)
Founder Equity Concentration
Core founders maintain 69% equity ownership control
Combined Founder Net Worth
Valued at ₹1,360 crore as of March 2026 data clearings
Near-Term Store Pipeline
Target of 100 new store openings over the coming 12 months
Market Sector Rank
Ranked 4th out of 961 active category competitors nationwide
Primary Peer Set
GIVA, BlueStone, COLUXE, and Jewelbox
Corporate Headquarters
Pune, Maharashtra, with its flagship store at Lane 5, Koregaon Park
Total Institutional Capital
$47.3 million raised across 4 distinct funding rounds from 26 investors
Move Fast, Prove Profitability, and Prioritize Product Merits
The essential takeaway from Palmonas's journey is clear: in any modern consumer category, the brands that win are the ones that launch before the market expects them, prove profitability before the market demands it, and let the product earn its own celebrity rather than buying one.
Pallavi and Amol launched ten days after the idea was born. They achieved true product-market fit before they ever built out a heavy marketing budget. Shraddha Kapoor found Palmonas as a customer first—an anonymous buyer who ordered under "S. Kapoor" because she simply loved what she was wearing. Now, every single one of their 75 retail stores is operating profitably while they scale to 100 more.
"With just 60 stores, a significant chunk of our revenue already comes from retail. Over the next 12 months we intend to scale this even more aggressively. And here's the part we are most proud of: every store is profitable," Shraddha Kapoor emphasizes.
"Our customers have shaped Palmonas into what it is today. They told us what they wanted, and we built it," Pallavi Mohadikar adds.
A tea-time conversation. Ten days to market. A surgical steel insight. A secret order from "S. Kapoor." Forty-fold revenue growth. Six-and-a-half lakh orders. Seventy-five profitable stores. A ₹1,950 crore valuation. And a brand-new jewellery category that India is only just beginning to unlock. The future of Indian daily wear lives not in heavy lockers, but in everyday wardrobes—and Palmonas put it there.
Sources: Inc42, Business Standard, Indian Startup News, Entrackr, Ministry of Corporate Affairs (MCA) Filings India, Vertex Ventures Portfolio Disclosures, PwC Deal Room Announcements, Shark Tank India Production Ledgers.
