Palmonas, a jewellery firm sponsored by Shraddha Kapoor, plans to raise approximately $3 million. “To date, we have operated entirely on our own resources. “We are currently in the process of closing our pre-series A round for approximately $3 million,” said Pallavi Mohadikar, the company’s co-founder.
The company intends to use approximately 40% of the funding for marketing, followed by increased inventory and team expansion.
The Pune-based firm sells jewelry that falls between fine and imitation categories. Its items range in price from Rs 900 to Rs 8,000.
Mohadikar and her husband, Dr Amol Patwari, founded the business in 2022. Previously, the couple founded an online saree brand called Karagiri, which was acquired by brand aggregator Mensa Brands in August 2021.
Palmonas signed Kapoor as a co-founder in an equity arrangement in early March of this year. “Shraddha is a co-founder and partner who will be actively involved in the development of Palmonas.” She will serve as the brand’s spokesperson. We have achieved product market fit, and now the goal is to multiply that with Shraddha,” Mohadikar said.