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New Delhi: Demi-fine jewellery startup, which recently onboarded Bollywood Actor Shraddha Kapoor as a co-founder is in talks for a Pre-Series A funding of around USD 3 million, Pallavi Mohadikar, co-founder of the company told ETRetail.
“We have been bootstrapped to date. Now, we are in the process of closing our pre-series A round for around 3 million dollars,” Mohadikar said.
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 onboarded 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.
She added that post the partnership announcement with Kapoor, the traffic to the company’s website jumped 10X.
Palmonas drives the majority of sales from its D2C website and currently has a monthly run rate of Rs 1 crore. The company is aiming to close the financial year with a revenue of Rs 15 crore.
The brand already runs 2 offline stores in Pune and is planning to open about 25 stores in the next 14 months across key metros, Mohadikar shared.
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