Most celebrity jewellery brands follow a predictable formula. License your name to an established jewellery company, show up for a photo shoot, collect royalties. Minimal involvement, minimal risk, minimal upside. But when Shraddha Kapoor discovered Palmonas while scrolling Instagram in late 2023, frustrated by cheap jewellery that broke after two wears, she saw something different.
In March 2024, Shraddha didn’t just endorse Palmonas. She became co-founder, investing real capital and taking equity alongside original founders Pallavi Mohadikar and Dr. Amol Patwari. Twenty months later, that decision looks brilliant. Palmonas has raised ₹62 crore total funding including ₹55 crore Series A from Vertex Ventures (August 2025), achieved ₹126 crore valuation on Shark Tank India, serves 4+ lakh customers, operates 5 physical stores, and projects ₹35 crore revenue in 2025.
This isn’t celebrity marketing. This is strategic business building. Palmonas pioneered India’s demi-fine jewellery category, positioning between disposable fashion jewellery (₹200-800) that tarnishes within weeks and investment-grade fine jewellery (₹10,000-5,00,000+) locked in bank lockers. At ₹800-₹5,500, Palmonas offers surgical-grade stainless steel plated with 18K gold and sterling silver with gold vermeil, lasting 1-3 years with proper care, all backed by one-year warranties.
The brand name Palmonas combines the original founders’ names: Pallavi, Amol, and their daughter Anaya. When Shraddha joined, she became the third pillar, bringing 82+ million Instagram followers and authentic product love that transformed a promising Pune startup into India’s hottest affordable luxury jewellery brand.
Why Jewellery? Shraddha’s Vision for Accessible Luxury
When Shraddha Kapoor placed her first Palmonas order in late 2023, she was solving a personal problem shared by millions of Indian women: finding jewellery that looked expensive without costing a fortune, and actually lasted longer than a few weeks.
“We are bringing demi-fine jewellery to India with an aim of making luxury jewellery available at a fraction of the price without compromising on quality. I felt this was needed in this space without harming the environment,” Shraddha said announcing her co-founder role.
The Jewellery Market Gap
India’s jewellery market had two extremes with nothing in between:
- Fine Jewellery (₹10,000-₹5,00,000+): 22K gold, platinum, diamonds, precious stones. Purchased for weddings and milestones, stored in bank lockers, worn rarely. Brands like Tanishq, PC Jeweller, Kalyan Jewellers dominated this space, targeting traditional buyers and families treating jewellery as investment.
- Fashion Jewellery (₹200-800): Base metals with thin plating, costume materials. Tarnishes in weeks, plating flakes off, clasps break. Cheap but disposable with zero durability. Available at Accessorize and local shops, targeting budget-conscious trend-chasers.
The missing middle, demi-fine jewellery at ₹800-₹5,500, offered quality materials (surgical-grade steel, sterling silver, thick gold plating), lasted 1-3 years, suitable for daily wear, not just special occasions. International brands like Mejuri (Canada) and Aurate (USA) proved this category could succeed, but no Indian brand had cracked it.
Shraddha saw the opportunity. Millennials and Gen Z wanted jewellery they could wear every day to work, dinners, casual outings without worrying about damage or theft. They wanted pieces that looked polished and elegant without requiring ₹50,000 investments. And they wanted quality that justified the ₹2,000-₹3,000 price point, not ₹500 fashion jewellery disguised as premium.
The Authentic Discovery Story
Shraddha’s journey with Palmonas began organically. No brand approached her for endorsement. No agent pitched her on a licensing deal. She was a frustrated customer searching Instagram for jewellery solutions.
After placing multiple orders under “S. Kapoor,” Shraddha posted an Instagram story wearing Palmonas pieces, replying to a fan asking where she got her jewellery. “Shraddha always interacts with her fans on her Instagram, and she replied to a fan’s comment on her reel in which she was flaunting our jewellery, and mentioned it in an Instagram story,” recalled Pallavi Mohadikar, CEO and co-founder.
That Instagram story changed everything. The Palmonas team reached out, conversations began, and within months, Shraddha joined as co-founder in March 2024, not just lending her name but investing capital, taking equity, co-designing pieces, and committing to building the business long-term.
This authentic customer-to-founder journey became Palmonas’ most powerful marketing asset. When Shraddha talks about loving the products, she’s not reading a script. She’s a genuine customer who believed in the brand enough to bet her reputation and money on it.
The Palmonas Journey: Building India’s Demi-Fine Jewellery Pioneer
The Founding (2022): Identifying the Gap
Pallavi Mohadikar, ex-Goldman Sachs banker with IIM Lucknow MBA and COEP Technological University engineering degree, and Dr. Amol Patwari, orthopaedic surgeon turned entrepreneur, founded Palmonas in 2022. Both recognized the jewellery market gap from personal experience. Pallavi wanted quality pieces for daily wear without spending lakhs. Amol, as a doctor, appreciated the hypoallergenic properties of surgical-grade materials.
They named the brand Palmonas, combining their names (Pallavi, Amol) with their daughter Anaya’s name, signalling family-built authenticity from day one.
The concept was simple but revolutionary for India: demi-fine jewellery using surgical-grade stainless steel plated with 18K gold and sterling silver with 2.5-micron gold vermeil. Quality superior to fashion jewellery, price vastly lower than fine jewellery, designed for everyday wear.
Initial challenges were significant. No Indian consumer awareness of “demi-fine” as a category. Supply chain required custom manufacturing specifications. Price point (₹800-₹5,500) meant competing against both cheap fashion jewellery and aspirational fine jewellery. Building trust in online jewellery purchases without physical try-on.
2023: Organic Growth and Celebrity Discovery
Palmonas focused on Instagram marketing, influencer collaborations, and building word-of-mouth through satisfied customers. The brand worked strategically with celebrity stylists, ensuring Palmonas pieces appeared on Bollywood stars like Deepika Padukone, Suhana Khan, Avneet Kaur, and Ayushmann Khurrana. These organic celebrity sightings (not always tagged, but recognizable to followers) generated awareness without massive advertising spend.
Meanwhile, Shraddha Kapoor independently discovered Palmonas, became a customer, and started wearing their pieces regularly. The Palmonas team noticed repeat orders from “S. Kapoor” but didn’t immediately connect it to the Bollywood star.
March 2024: Shraddha Joins as Co-Founder
The partnership announcement transformed Palmonas overnight. Shraddha didn’t just endorse the brand, she became co-founder with equity stake (estimated 15-30%), invested capital, and committed to active involvement in design, strategy, and marketing.
“Luxury made affordable for modern youth” became the official mission, with Shraddha embodying that philosophy. Known for her girl-next-door relatability rather than over-the-top glamour, Shraddha represented exactly who Palmonas targeted: young, aspirational Indian women wanting to look polished without breaking the bank.
Her 82+ million Instagram followers provided instant distribution. Every post featuring Palmonas reached tens of millions organically, providing marketing reach worth crores in advertising spend.
February 2025: Shark Tank India Validation
Palmonas appeared on Shark Tank India Season 4, pitching for ₹1.26 crore at ₹126 crore valuation. Namita Thapar (Emcure Pharmaceuticals) and Ritesh Agarwal (Oyo Rooms founder) both invested, recognizing the affordable luxury category’s potential, Shraddha’s authentic involvement, and Palmonas’ proven traction with 4+ lakh customers.
The Sharks weren’t just investing in jewellery. They were investing in category creation, celebrity co-founder credibility, and Palmonas’ scalability through online and offline channels.
National television exposure introduced demi-fine jewellery to millions of viewers who’d never heard the term, explaining the concept and positioning Palmonas as the category leader.
August 2025: Series A Breakthrough
Just six months post-Shark Tank, Palmonas raised ₹55 crore Series A from Vertex Ventures Southeast Asia & India, one of the region’s top venture capital firms. This massive funding round (following ₹6 crore angel funding and ₹1.26 crore Shark Tank) brought total capital raised to ₹62 crore.
“Palmonas has redefined how young India looks at jewellery. What started as affordable luxury is now becoming a lifestyle movement,” said Shraddha Kapoor.
Use of Funds:
- Aggressive offline expansion (targeting 20-30 stores across major metros and Tier-2 cities)
- International market entry (US, Middle East, Southeast Asia)
- AI-driven personalisation for shopping experiences
- New product lines including lab-grown diamonds and real gold editions
- Team expansion across design, technology, operations, customer service
December 2025: Current Status and Momentum
- Customer Base: 4+ lakh (400,000+) satisfied customers, growing 200-300% year-over-year
- Revenue: ₹35 crore projected for 2025, up from estimated ₹15-20 crore in 2024
- Physical Stores: 5 locations (Delhi Chandni Chowk flagship, 4 Pune stores including Tribeca Highstreet NIBM)
- Product Range: 500+ SKUs across necklaces, earrings, rings, bracelets, mangalsutras, jewellery sets
- International Presence: Shipping to 200+ countries, tapping into global South Asian diaspora
- Team Size: 50+ employees across design, operations, marketing, customer service
- Valuation: ₹126 crore (Shark Tank, February 2025), likely exceeds ₹200-250 crore post-Series A
The Product Strategy: What Makes Palmonas Different
Materials and Quality: The Demi-Fine Promise
- Surgical-Grade Stainless Steel: The base material is hypoallergenic steel used in medical implants, ensuring no skin irritation or allergic reactions. Elegantly plated with 18K gold tone, providing real gold aesthetics without the price.
- Sterling Silver with Gold Vermeil: Select pieces use sterling silver (92.5% pure) coated with thick 2.5-micron 18K gold layer. This vermeil process creates more durable plating than standard electroplating (0.5-1 micron).
- Quality Control: Every piece undergoes rigorous checks ensuring clasps don’t break, stones don’t fall, plating adheres properly. This differentiates Palmonas from cheap fashion jewellery with minimal quality standards.
- One-Year Warranty: Every piece backed by one-year warranty. If plating fades or components break under normal wear within a year, Palmonas repairs or replaces it, demonstrating confidence in durability.
- Lifespan: With proper care (avoiding water, perfumes, harsh chemicals), Palmonas jewellery lasts 1-3 years. Fashion jewellery tarnishes in weeks; fine jewellery lasts forever but costs 10-100x more. Demi-fine offers the best cost-per-wear value.
Design Philosophy: Shraddha’s Aesthetic
Shraddha co-designs Palmonas pieces, infusing her personal style: clean lines, minimal glam, modern yet personal.
- Everyday Wearability: Unlike statement jewellery only suitable for parties, Palmonas pieces work daily, from office meetings to dinner dates to casual brunches.
- Layering-Friendly: Delicate necklaces, stackable rings, mix-and-match earrings allow customers to create personalised looks by combining multiple pieces.
- Trend-Aware But Timeless: Balances current trends (chunky chains, coloured gemstones) with classic designs that won’t look dated in two years.
- Indian and Global Fusion: Blends Western minimalism with Indian sensibilities, including reimagined mangalsutras for modern brides wanting symbolism without excessive ornamentation.
Product Categories and Pricing
- Necklaces: Delicate chains, layered necklaces, pendant sets (₹1,200-₹3,500)
- Earrings: Studs, hoops, danglers, ear cuffs (₹800-₹2,500)
- Rings: Stackable bands, statement rings, adjustable designs (₹900-₹2,800)
- Bracelets: Charm bracelets, bangles, chain bracelets (₹1,000-₹3,000)
- Mangalsutras: Modern designs for contemporary brides (₹2,500-₹5,500)
- Jewellery Sets: Coordinated necklace-earring-bracelet sets for gifting (₹3,000-₹5,500)
The sweet spot (₹1,500-₹3,000 for most pieces) makes Palmonas accessible to college students, young professionals, middle-class families while still feeling premium and special.
The Business Model: How Palmonas Makes Money
Revenue Streams
- Direct-to-Consumer E-commerce (Primary): Palmonas.com captures full margins without retailer markups, allowing affordable pricing while maintaining quality. This D2C model provides direct customer relationships and data insights.
- Physical Retail (Expanding): 5 stores as of December 2025 (Delhi Chandni Chowk flagship, 4 Pune locations). Physical retail provides try-before-buy experiences and builds trust with customers hesitant about online jewellery purchases. Expansion plans target 20-30 stores across Mumbai, Bangalore, Hyderabad, Chennai, Kolkata, and Tier-2 cities.
- Marketplace Presence: Available on Amazon India, reaching customers preferring established e-commerce platforms.
- International Shipping: Ships to 200+ countries, tapping into South Asian diaspora and international customers seeking affordable luxury jewellery.
Customer Acquisition
- Shraddha Kapoor’s Social Media: 82+ million Instagram followers provide organic reach worth tens of millions in advertising. Every Shraddha post featuring Palmonas generates massive engagement.
- Influencer Marketing: Collaborations with micro and macro influencers through PR packages and sponsored content generate millions of impressions at fraction of traditional advertising costs.
- Celebrity Stylist Partnerships: Strategic relationships ensuring Palmonas appears on Bollywood stars, driving aspirational appeal.
- User-Generated Content: Customers posting photos wearing Palmonas provide authentic testimonials, regularly reshared on official channels.
- Shark Tank Exposure: National television introduced demi-fine jewellery to millions, positioning Palmonas as category leader.
- Word-of-Mouth: Satisfied customers recommending to friends and family drive organic growth, especially important for trust-based jewellery purchases.
Financial Performance
While exact numbers aren’t publicly disclosed, industry analysis suggests:
Estimated FY25 Performance:
- Revenue: ₹35 crore projected
- Average order value: ₹2,000-₹3,000
- Customer base: 4+ lakh
- Gross margins: 60-70% (typical for jewellery)
- Marketing costs: Lower than traditional brands due to Shraddha’s organic reach
Valuation Multiples: At ₹126 crore valuation (February 2025) and ₹35 crore projected revenue, Palmonas trades at approximately 3.6x revenue, reasonable for high-growth consumer brand with celebrity co-founder and strong unit economics.
Post-Series A valuation likely exceeds ₹200-250 crore, reflecting accelerated growth trajectory and international expansion plans.
The Shraddha Factor: How Her Involvement Accelerates Growth
Beyond Traditional Celebrity Endorsements
Most celebrity jewellery deals involve:
- Brand pays celebrity ₹2-5 crore annually for endorsement
- Celebrity appears in ads, attends launch events
- No equity stake, no operational involvement
- Celebrity switches brands when contract ends
Shraddha’s Palmonas relationship is fundamentally different:
- Co-founder with equity stake (estimated 15-30%)
- Invested capital alongside raising ₹62 crore
- Active involvement in design, strategy, marketing
- Long-term commitment, not contract-based relationship
- Genuine product love as original customer
Tangible Business Impact
- Customer Trust: When Shraddha says she loves Palmonas, customers believe her because she was a customer first. This authenticity drives higher conversion rates and repeat purchases.
- Media Coverage: Every funding announcement, store opening, or product launch generates national media coverage because of Shraddha’s involvement, providing free publicity worth crores.
- Investor Confidence: Venture capitalists and Shark Tank investors view Shraddha’s genuine involvement as de-risking. Her reputation is tied to Palmonas’ success, ensuring she’ll actively support growth.
- Retail Partnerships: Physical retail expansion is easier because malls and retailers know Shraddha-backed brand drives foot traffic and generates buzz.
- Design Relevance: Shraddha’s style sense and millennial appeal ensure product designs resonate with target customers, reducing design risk and unsold inventory.
The Instagram Advantage
With 82+ million followers, Shraddha’s organic posts provide distribution most brands spend millions to achieve. A single Instagram post featuring Palmonas jewellery can:
- Reach 20-50 million people organically
- Generate 500,000-2,000,000 likes
- Drive 10,000-50,000 website visits within 24 hours
- Result in ₹20-50 lakh sales spike
- Create user-generated content as followers recreate looks
This social media leverage is why Palmonas keeps customer acquisition costs low while scaling rapidly, a significant competitive advantage in crowded e-commerce markets.
Lessons from Palmonas’ ₹126 Crore Success
Solve Real Problems, Not Imaginary Ones: Palmonas succeeded because it addressed a genuine market gap: jewellery that’s better than fashion (which breaks) but more affordable than fine (which costs lakhs). The demi-fine category filled an actual need millions of Indian women experienced daily.
Authentic Celebrity Involvement Beats Paid Endorsements: Shraddha was a customer before becoming co-founder. This authentic journey provides credibility that paid endorsements can’t match. Customers sense when celebrity involvement is genuine versus transactional.
Price for Your Market, Not Aspirations: At ₹800-₹5,500, Palmonas prices for India’s aspirational middle class, not ultra-wealthy. This accessible luxury positioning maximizes addressable market while maintaining healthy margins.
Category Creation Requires Education: Palmonas invested heavily in explaining “demi-fine” through content, influencer education, and Shark Tank exposure. Creating new categories demands teaching customers why the category exists and how it serves them better than existing options.
Quality Must Justify the Premium: One-year warranty, surgical-grade materials, thick gold vermeil plating ensure customers feel they’re getting value, not just paying for celebrity branding. Product quality drives repeat purchases and word-of-mouth.
Strategic Partnerships Accelerate Growth: Partnership with Vertex Ventures (Series A) brings operational expertise, retail connections, and international expansion guidance. Smart founders leverage investor networks beyond just capital.
Omnichannel Matters for Jewellery: While D2C online captured initial customers, physical stores (Delhi Chandni Chowk, Pune) address jewellery’s try-before-buy reality. Customers want to touch, feel, try pieces before purchasing. Omnichannel strategy maximizes conversions.
The Bottom Line
Shraddha Kapoor’s Palmonas journey from ₹800 online jewellery purchase to co-founding India’s first demi-fine jewellery brand valued at ₹126 crore demonstrates that celebrity business ventures succeed when built on authentic product love, strategic market positioning, and genuine operational involvement.
By joining as co-founder in March 2024 (not just brand ambassador), Shraddha helped Palmonas raise ₹62 crore total funding, achieve ₹126 crore valuation, serve 4+ lakh customers, and project ₹35 crore revenue in 2025. More importantly, she pioneered a new category in India, demi-fine jewellery at ₹800-₹5,500, filling the gap between disposable fashion jewellery and investment-grade fine jewellery.
For Shraddha, this represents authentic entrepreneurship beyond acting. Unlike typical celebrity licensing where involvement ends with photo shoots, Shraddha co-designs pieces, participates in strategy, uses products daily, and has real equity ensuring her success is tied to brand success. Her estimated 15-30% stake could be worth ₹40-75 crore at current valuation, potentially growing to ₹100+ crore as Palmonas scales toward ₹100 crore revenue.
With plans to expand to 20-30 stores, enter US, Middle East, and Southeast Asian markets, and launch premium lines (lab-grown diamonds, real gold), Palmonas is positioned to become India’s definitive affordable luxury jewellery brand. The journey from Instagram discovery to ₹126 crore valuation in just 18 months shows what happens when genuine product love meets smart business strategy and celebrity star power amplified by 82+ million social media followers.
As Shraddha said, “Luxury made affordable for modern youth” isn’t marketing speak. It’s a mission transforming how millions of Indian women buy and wear jewellery, proving that accessible luxury isn’t an oxymoron when execution matches ambition.
