In 2022, entrepreneurs Pallavi Mohadikar and Dr. Amol Patwari launched Palmonas, a demi-fine
jewelry label born from the idea of offering high-quality, stylish pieces that don’t come with a
sky-high price tag. By late 2023, Bollywood star Shraddha Kapoor joined as co-founder,
instantly elevating the brand’s profile.
What Makes Demi-Fine Jewelry Irresistible?
Demi-fine jewelry sits perfectly between fine jewelry and everyday fashion accessories. It
combines premium materials and craftsmanship such as 18K gold plating over stainless steel or
sterling silver without the hefty cost of fine pieces. Palmonas tapped into this growing demand
for jewelry that is durable enough for daily wear yet affordable enough to style, stack, and
experiment with. This blend of elegance, accessibility, and affordability quickly struck a chord
with modern buyers, reflected in the brand’s impressive ₹35 crore revenue projection for the
year.
The Story Behind the Name
The name “Palmonas” carries a personal touch. It’s a fusion of the founders’ names Pallavi and
Amol combined with their daughter Anaya’s name, creating a brand identity that is both
memorable and meaningful.
Founders: Diverse Backgrounds, Shared Vision
● Pallavi Mohadikar brings a strong academic and corporate background as an alumna of
COEP Technological University and IIM Lucknow, with professional experience at
Goldman Sachs.
● Dr. Amol Patwari, a former joint replacement surgeon, made a bold transition from
medicine to the fashion-tech world.
● Shraddha Kapoor, a celebrated actor, joined as co-founder in early 2024, adding star
power and wider recognition to the brand.
The Shark Tank Breakthrough
Palmonas appeared on Shark Tank India Season 4, aiming to secure funding to accelerate
offline growth and expand internationally.
The company had already raised ₹6 crore in angel funding with a post-money valuation of ₹126
crore. On the show, the Sharks had mixed reactions: some questioned the valuation, others
raised concerns about warranty claims, while a few wanted royalties.
Eventually, the founders struck a deal for ₹1.26 crore in exchange for 1% equity, cementing their
valuation at ₹126 crore. The pitch not only brought in investment but also won admiration, with
one judge remarking that the founders themselves were the true sharks.
What Sets Palmonas Apart
Palmonas has carved a niche in the jewelry industry by:
● Positioning itself between fine and fashion jewelry.
● Leveraging the influence of a celebrity co-founder.
● Building a customer base of over 400,000 buyers.
● Targeting ₹35 crore in revenue this year.
● Planning offline stores, international expansion, and AI-driven personalization.
New Funding on the Horizon
After gaining visibility through Shark Tank, Palmonas is preparing for its first institutional
fundraising round. Reports suggest the company is set to raise ₹55 crore in Series A funding,
valuing the business at ₹550 crore. This capital will be used to strengthen retail presence, boost
marketing, and expand into new geographies.
A Look at the Numbers
For the financial year ending March 2024, Palmonas reported:
● Operating revenue of ₹5.38 crore, up from ₹3.83 crore the previous year.
● A net loss of ₹1.24 crore, reflecting ongoing investments in growth.
● Ambitious targets for FY 2025, with expectations of exponential scaling.
What Lies Ahead for Palmonas
With fresh funding, strong leadership, and celebrity backing, Palmonas is gearing up for the next
stage of its journey. Its focus areas include:
● Achieving its ₹35 crore annual revenue milestone and beyond.
● Scaling offline retail stores across India.
● Tapping into international markets.
● Using AI technology for personalized shopping experiences.
● Launching new collections and creative collaborations to stay ahead of fashion trends.
Featured by TheMarketingMirror.com
At themarketingmirror.com, we highlight ventures that redefine industries through creativity,
persistence, and customer-first innovation. Palmonas’ journey from a bold idea in demi-fine
jewelry to achieving multi-crore revenues, celebrity co-foundership, and national recognition
shows how vision backed by execution can create a new category in lifestyle retail.
If your startup is shaping consumer trends, disrupting traditional markets, or inspiring new
possibilities, we’d love to feature your story. Connect with us at themarketingmirror.com
