Rajshree Upadhyaya | Business Remedies | Palmonas was founded in 2022 by Pallavi Mohadikar and Dr Amol Patwari with a clear belief that jewellery in India needed a middle ground. The founders observed that consumers were forced to choose between expensive fine jewellery reserved for occasions and low quality fashion jewellery that lacked durability. Palmonas was created to bridge that gap by introducing demi fine jewellery designed for daily wear yet elevated enough to feel special. From the beginning the brand focused on contemporary aesthetics and long lasting materials rather than seasonal trends, positioning itself as a lifestyle brand rather than a traditional jewellery label.
Operating initially as a digital first company Palmonas quickly gained attention for its thoughtfully designed collections that blended minimalism with Indian sensibilities. Its portfolio spans necklaces, earrings, rings, bracelets, and modern mangalsutras, crafted using sterling silver and surgical grade stainless steel coated with thick layers of 18K gold vermeil. The emphasis on hypoallergenic materials and durability helped the brand appeal to young professionals and everyday jewellery users who wanted pieces that could transition seamlessly from work to social settings.
A defining moment in Palmonas’s journey came in March 2024 when actor Shraddha Kapoor joined the company as a co founder. Her association with the brand did not begin as a planned celebrity endorsement. She was already a customer who resonated with the idea of jewellery that felt effortless and wearable. Over time her involvement deepened into an equity partnership and strategic role within the company. While the exact amount of her personal investment has not been publicly disclosed it is confirmed that Shraddha Kapoor holds a meaningful ownership stake in Palmonas and is actively involved in brand building product direction and storytelling. Her presence significantly amplified Palmonas’s visibility and credibility especially among younger consumers who connected with her personal style and authenticity.
The brand’s national recognition expanded further when Palmonas appeared on Shark Tank India Season 4 in early 2025. During the pitch the founders sought ₹1.26 crore for 1 percent equity valuing the company at ₹126 crore. Investors Namita Thapar and Ritesh Agarwal agreed to the deal bringing not just funding but strategic mentorship. The episode highlighted Shraddha Kapoor’s role as co founder and reinforced the brand’s positioning as a fast growing player in the demi fine jewellery space.
Post Shark Tank Palmonas accelerated its expansion plans and moved decisively towards an omnichannel model. What began as an online focused business quickly transitioned into physical retail with stores opening across major Indian cities. By mid 2025 the brand had crossed more than 25 operational stores with plans for aggressive expansion across India. This retail push was aimed at building trust and allowing customers to experience the craftsmanship firsthand.
The growth momentum continued later in 2025 when Palmonas raised ₹55 crore in a Series A funding round led by Vertex Ventures Southeast Asia and India. This marked the company’s first major institutional funding and was directed towards expanding retail presence strengthening supply chains and launching new collections including demi fine pieces made with 9kt gold. The funding round further validated the long term potential of the brand within India’s evolving jewellery market.
Today Palmonas is fully operational and actively expanding, balancing online reach with offline retail while continuing to build its identity around everyday luxury. Its journey reflects a shift in how modern Indian consumers view jewellery not as something locked away for occasions but as an extension of daily personal style. With strong founder vision celebrity co founder involvement and sustained investor confidence Palmonas stands out as one of the notable success stories to emerge from Shark Tank India.
