Palmonas secures Rs 1.26 crore investment, plans 50 stores

Jewellery brand Palmonas has secured a Rs 1.26 crore investment at a valuation of Rs 126 crore from entrepreneurs Namita Thapar and Ritesh Agarwal on the television show Shark Tank India. The brand plans to embrace omni-channel expansion and launch 50 stores across India. 

Palmonas debuted on Shark Tank India and asked the show’s resident investors for Rs 1.26 crore in funding in exchange for 1% equity in the business at a valuation of Rs 126 crore, Sony Liv broadcast. Following negotiations, Namita Thapar and Ritesh Agarwal offered the business Rs 1.26 crore in return for 1% equity and with a 5% royalty until Rs 1.25 crore is recouped. This enabled the brand to secure its funding and retain its original valuation. 

“Our focus now is building on that momentum,” said Pallavi Mohadikar, Indian Retailer Bureau reported. “We are going from an online-first brand to a full-fledged omni-channel player with 50 stores in the pipeline. We are doubling down on innovation, with lab-grown diamonds, gold vermeil, and unique, trend-driven collections.”

Palmonas also plans to use the funds for brand building activities and to expand its product offering, especially its lab grown diamond category. The brand plans to expand into global markets and reach shoppers in the Middle East, US, and Southeast Asia. 

Amol Patwari and Pallavi Mohadikar launched Palmonas as a modern style jewellery brand and onboarded Bollywood celebrity Shraddha Kapoor as a co-founder in 2023. The label’s main customer base is Gen Z and millennial Indians and it aims to make premium jewellery more affordable and sustainable.