Direct-to-consumer jewellery startup Palmonas is in the final stages of closing its Series A funding round worth Rs 55 crore, Entrackr has exclusively learned.
According to two sources aware of the deal, Vertex Ventures is leading the round, valuing the Pune-based company at a post-money valuation of Rs 550 crore (approximately $65 million).
“The deal is finalised and the announcement will be made shortly,” said one of the sources requesting anonymity as the matter is yet to be made public.
Founded in 2022 by Amol Patwari and Pallavi Mohadikar, Palmonas offers demi-fine jewellery made from stainless steel with 18k gold vermeil coating. The product lineup includes necklaces, rings, bracelets, earrings, and mangalsutras. The company targets premium and affordable segments through a D2C distribution model.
This will be the company’s second funding round in 2025. In February, it raised Rs 1.26 crore on Shark Tank India Season 4 from Namita Thapar and Ritesh Agarwal, at a post-money valuation of Rs 126 crore. It had earlier raised Rs 6 crore in an angel round. In March 2024, Palmonas onboarded actress Shraddha Kapoor as a co-founder.
For the financial year ending March 2024, the company posted operating revenue of Rs 5.38 crore, up from Rs 3.83 crore in FY23. Losses widened to Rs 1.24 crore in FY24. The company is yet to file FY25 financials.
Palmonas is expected to deploy the new capital toward product development, offline expansion, and marketing initiatives.
Queries sent to Palmonas and Vertex Ventures did not elicit a response at the time of publishing.
Vertex Ventures closed its fifth fund at $541 million in 2023 and has backed Indian startups such as SpotDraft, Spyne, and Nuuk. Its focus spans pre-Series A to Series B investments.
Palmonas joins a growing list of D2C jewellery brands raising institutional capital as consumer interest in affordable luxury and design-led brands continues to increase.
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