The company intends to allocate roughly 40% of the raised capital to marketing initiatives, followed by bolstering its inventory and expanding its team
Palmonas, a jewellery startup backed by Shraddha Kapoor, is gearing up to raise approximately $3 million. "We have been self-funded until now. Presently, we're finalizing our pre-Series A funding round, targeting $3 million," stated Pallavi Mohadikar, co-founder of the company.
Operating out of Pune, the startup specializes in jewellery positioned between the realms of fine and imitation jewellery, with products priced between Rs 900 to Rs 8,000.
Founded by Mohadikar and her husband Dr. Amol Patwari in 2022, the brand has a notable history, having previously launched an online saree brand called Karagiri, which was acquired by brand aggregator Mensa Brands in August 2021.
In early March of this year, Palmonas brought Shraddha Kapoor on board as a co-founder through an equity arrangement. "Shraddha is not just a co-founder but also a partner who will be deeply involved in Palmonas' development. She'll serve as the face of the brand. With Shraddha's involvement, we've achieved product-market fit, and now our focus is on scaling up," remarked Mohadikar.
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