Demi-Fine Jewellery: Shraddha Kapoor's brand Palmonas in Shark Tank India season 4

A brand aims to fill the gap between fine and fashion jewellery, creating pieces that exude elegance without compromising on quality or sustainability. The brand has quickly gained acclaim for its minimalistic and modern jewellery collections. It is also backed by everyone's favourite star Shraddha Kapoor. This brand name is "Palmonas".

Who are the founders of Palmonas?

Palmonas is a demi-fine jewellery brand. Pallavi Mohadikar and Dr. Amol Patwari are the founders of Palmonas, Actress Shraddha Kapoor also joined as co-founder in 2023. This innovative brand blends luxury with affordability and offers contemporary designs crafted with stainless steel plated with 18K gold and sterling silver adorned with gold vermeil. 

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Entrepreneurial journey of Palmonas and Pallavi 

Pallavi Mohadikar’s entrepreneurial journey began long before Palmonas. In 2017, she founded Karagiri, a successful sari brand, which she later sold in 2021. It was a huge success, but she wanted something unique and interesting. Her inspiration for starting a demi-fine jewellery brand came from a personal challenge. As someone who loves wearing jewellery, Pallavi often experiences rashes from artificial pieces. She was curious about a solution, so she turned to her husband, who is a doctor and asked him why the operating instrument does not create the same issue. 

He explained that surgical instruments used safely for decades because they are made of a metal that does not react with the human body. This revelation gave Pallavi her “business kick” to create a jewellery brand that must be skin-friendly, modern, and resemble real gold. In July  2023, this is how Palmonas was born, offering pieces made from stainless steel and sterling silver, plated with a 2.5-micron layer of gold. Each product comes with a lifetime warranty, underscoring the brand’s commitment to quality.

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About Palmonas

Palmonas is a jewelry brand that sells necklaces, rings, bracelets, earrings, and more. The brand was founded in 2022 and is headquartered in Pune, India. Palmonas uses a thick layer of 18k gold plating on base metals, which makes their jewelry more durable than regular gold-plated jewelry 
The name Palmonas is a combination of Pallavi, Amol and their daughter Anaya. Shradha joined them late in 2023. Palmonas has witnessed remarkable changes over the years. In FY22-23, the brand generated ₹3.8 crore in revenue, which saw a significant rise to ₹6 crore in FY23-24. The momentum only accelerated in FY24-25, with revenue reaching ₹13.5 crore by November alone. With this strong trajectory, Palmonas is on track to achieve a projected revenue of ₹35 crore by the end of FY24-25.

Education and Career

Pallavi was born and raised in a typical Maharashtrian family of Nasik. She pursued a Bachelor's Degree in Electrical Electronics and Communications Engineering from COEP Technological University. She did an M.B.A. in Marketing between 2012 and 2014 from the Indian Institute of Management, Lucknow. Pallavi's professional journey started as Assistant System Engineer with Tata Consultancy Services in 2010. Later, she worked with Goldman Sachs as a Business Analyst. In 2015, she founded Indofash Ethnic Private Limited, which worked for over 2 years.

Amol Patwari was born and raised in Udhir, Latur district of Maharashtra. He completed his MBBS in Latur and MS in orthopedic masters of surgery from Sangli. He worked as a joint replacement surgeon for 5 years in Pune.

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Shraddha Kapoor: From Customer to Co-Founder

The journey of Bollywood actor Shraddha Kapoor with Palmonas began in the most unexpected way, through a fan’s comment on Instagram. She posted a picture of her wearing jewellery on her Instagram, this is how the actor first interacted with the brand. She replied that she loved the jewelry and ordered 5 more pieces.  A loyal user of the brand’s products, Kapoor’s admiration for Palmonas soon transformed into a professional association. Pallavi found a customer with a name S Kapoor and reached out to her.  They met and organically the journey started. Today, she stands as the co-founder of the brand, bringing her unique perspective and star power to its growth.

Speaking about her involvement, Kapoor remarked, “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.” Her commitment to sustainability and quality reflects the core values of Palmonas and aligns perfectly with its mission.

A Dynamic Leadership Team

The co-founders, Pallavi Mohadikar and Shraddha Kapoor, share a unique synergy that drives the success of Palmonas. Pallavi, operating out of Pune, is described as a “go-getter” by Kapoor. Together, they have cultivated a motivated and energized team that thrives on collaboration and innovation. They hold weekly team calls to discuss targets, achievements, and brainstorm ideas. The energy within the Palmonas team is contagious! Pallavi’s unwavering positivity keeps the team spirit high, and that’s the key to building a healthy work environment.

Palmonas in Shark Tank India

Recently, Palmonas appeared in Shark Tank India Season 4, seeking funding to expand its operations. The cofounders, Amol and Pallavi, presented a compelling case for their brand’s growth trajectory. Despite being a cofounder, Shraddha Kapoor was absent from the pitch, sparking curiosity among the sharks. 
PALMONAS entered the tank confidently, revealing that it expects to generate ₹35 crore in revenue this year. It had already raised ₹6 crore in an angel round, maintaining a valuation of ₹126 crore. The ask? A strategic investment to fuel its offline expansion, international growth in the U.S., Middle East, and Southeast Asia, and AI-driven personalization.

Investor Aman Gupta was skeptical about the valuation, offering a counterproposal of ₹20 crore. However, Namita Thapar agreed to the valuation but demanded 1% in royalties. This condition became a sticking point, as Pallavi was unwilling to accept it.

Meanwhile, Kunal Bahl scrutinized PALMONAS’ claim of offering a “lifetime warranty,” uncovering that it was not entirely accurate. Vineeta Singh also expressed concerns, arguing that a ₹400 store voucher years later would not hold real value for customers. Both Kunal and Vineeta chose to opt out of the deal.
Ritesh Agarwal teamed up with Namita to make an offer. As the founders took a moment to deliberate, Kunal Bahl. After the founders deliberated, they said, “You will easily make 10 times your money, so don’t insist on royalties.” But Namita stood her ground, confident that her expertise brought value beyond the money.

When the founders returned, they firmly rejected the royalty clause again. However, Namita’s persistence paid off, Pallavi and Amol eventually agreed to the deal, securing a ₹1.26 crore investment for a 1% equity stake, valuing the company at ₹126 crore.

As the deal was finalized, Aman Gupta, visibly impressed, turned to Namita and said, “You’re the real shark.”

The Global Vision of Palmonas

From its inception, Palmonas has envisioned itself as a global brand. The design language of its jewellery is modern and internationally relevant, while its India-based supply chain ensures competitive pricing. They are available in over 200 countries.

As Palmonas continues to redefine demi-fine jewellery in India, its journey serves as an inspiring example of innovation and determination. With a strong foundation, a talented team, and a clear vision for the future, Palmonas is poised to make its mark on the global stage. Palmonas’ story is one of passion, resilience, and the power of collaboration. It’s not just about jewellery; it’s about creating a legacy that blends art, affordability, and sustainability in a way that resonates with modern consumers.

Written By Manvi

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