Shraddha Kapoor-backed jewellery startup Palmonas to raise around $3 mn. “We have been bootstrapped to date. Now, we are in the process of closing our pre-series A round for around 3 million dollars,” said Pallavi Mohadikar, co-founder of the company.
The company plans to use around 40 per cent of the funds for marketing followed by ramping up its inventory and team expansion.
The Pune-based startup sells jewellery which sits between the fine and imitation jewellery categories. Its products range between the prices Rs 900 to Rs 8,000.
Mohadikar along with her husband Dr Amol Patwari founded the brand in 2022. Earlier, the couple launched an online saree brand Karagiri, which was acquired by brand aggregator Mensa Brands in August 2021.
Early March this year, Palmonas on boarded Kapoor as a co-founder in an equity deal. “Shraddha is a co-founder and a partner and will be fully hands-on in building Palmonas. She is going to be the face of the brand. We have cracked the product market fit and now the aim is to multiply that with Shraddha,” Mohadikar commented.
Source: ET Retail
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