Funding News: Shark Tank's Palmonas bags Rs 55 Crore Series A funding led by Vertex Ventures

Startup: Palmonas

Founder: Pallavi Mohadikar, Dr. Amol Patwari, and Shraddha Kapoor

About us: Palmonas focuses on creating stunning stainless steel jewellery with gold-plated designs, including necklaces, earrings, bracelets, rings, and mangalsutras. The brand really caught the public's eye after its appearance on Shark Tank India Season 4, where it raised Rs 1.26 crore from investors Namita Thapar and Ritesh Agarwal, followed by a Rs 6 crore angel round.

Founded Year: 2022

Office: Pune, Maharashtra

Sector: Retail Luxury Goods and Jewelry

Funding Round: Series A

Investors: Vertex Ventures

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Palmonas, the D2C jewellery startup that made waves on Shark Tank India, has successfully secured Rs 55 crore in a Series A funding round led by Vertex Ventures, bringing its valuation to an impressive Rs 550 crore (about $65 million). This is a significant milestone as it marks the company’s first institutional funding and its second fundraising effort in 2024.

In March 2024, Bollywood actress Shraddha Kapoor came on board as a co-founder, bringing some star power to the brand as it ramps up its operations and visibility.

For the fiscal year 2024, Palmonas reported revenues of Rs 5.38 crore, up from Rs 3.83 crore in FY23, even though it faced a loss of Rs 1.24 crore. The brand hasn’t shared its financials for FY25 yet.

Vertex Ventures, which wrapped up its fifth fund at $541 million in 2023, continues to back promising startups at the pre-Series A and Series B stages . Other recent investments from them include SpotDraft, Spyne, and the D2C electronics brand Nuuk.

Website: https://sharktank.sonyliv.com/