Biography of Pallavi Mohadikar: Founder & CEO of Palmonas -Entrepreneur
Pallavi Mohadikar’s Disruptive Path in Jewellery & Fashion
The Genesis of an Entrepreneur
Pallavi Mohadikar’s entrepreneurial journey began with her
deep-rooted connection to India’s traditional weavers. Growing up, she watched
her grandfather craft exquisite sarees, instilling in her a love for textiles
and craftsmanship. This passion later evolved into a successful venture,
proving that heritage and business could go hand in hand.
The Birth of Karagiri
Driven by her admiration for traditional Indian sarees,
Pallavi founded Karagiri in 2017. The brand wasn’t just another saree retailer
but a tribute to artisans, working with over 2,500 weavers to create stunning
handloom masterpieces. Under her leadership, Karagiri grew rapidly, gaining
recognition for its premium sarees and its impact on the artisan community.
A Successful Exit
After six years of dedication, Karagiri caught the attention
of Mensa Brands, a company known for acquiring and scaling digital-first
brands. The acquisition marked a milestone in Pallavi’s career, affirming her
ability to build a successful brand from the ground up.
Embracing Motherhood and Business
Amidst her entrepreneurial successes, Pallavi embraced
another significant role—motherhood. With two young children, she juggled
business meetings and bedtime stories. Rather than slowing her down, this phase
of her life strengthened her resolve, making her even more determined to create
something extraordinary.
Spotting a New Opportunity
After exiting Karagiri, Pallavi noticed a gap in the
jewellery market. Women desired premium, classy jewellery but without the hefty
price tag of gold. Recognizing this white space, she envisioned a brand that
would offer high-quality demi-fine jewellery—pieces that looked like gold, felt
like gold, and stayed gold.
The Birth of Palmonas
In July 2023, Pallavi co-founded Palmonas with a mission to
revolutionize Indian jewellery. The brand introduced demi-fine jewellery
crafted from sterling silver and stainless steel, coated with a thick layer of
gold. The result? Affordable luxury with a premium finish, offering women a
sustainable and stylish alternative to traditional gold jewellery.
The Entry of Shraddha Kapoor
Palmonas caught the eye of Bollywood actress Shraddha
Kapoor, who became a loyal customer. Impressed by the brand’s vision and
quality, Shraddha didn’t just continue as a buyer—she officially joined
Palmonas as a co-founder. Her belief in accessible luxury and sustainable
fashion aligned perfectly with the brand’s mission.
Rapid Growth and Market Expansion
Palmonas quickly gained traction, expanding across multiple
channels and reaching international markets. With a presence in over 200
countries, the brand’s growth was fueled by its unique positioning and
celebrity endorsement. In FY22-23, Palmonas generated a revenue of ₹3.8 crore,
which surged to ₹6 crore in FY23-24.
Biography of Pallavi Mohadikar: Founder & CEO of Palmonas -Entrepreneur# startup#age#net worth#investor#shark tank#demi-fine jewellery#Pallavi M story
Seeking Investment on Shark Tank India
With aspirations to scale further, Pallavi and her
co-founder, Dr. Amol Patwari, pitched Palmonas on Shark Tank India. They sought
₹1.26 crore for 1% equity, valuing the company at ₹126 crore. Their pitch
highlighted the brand’s strong market presence, premium product quality, and
impressive revenue growth.
Tough Questions from the Sharks
The sharks were intrigued but had concerns. Kunal Bahl
questioned the durability of Palmonas’ gold plating, prompting the founders to
elaborate on their stringent quality assurance processes. Aman Gupta inquired
about Shraddha Kapoor’s role in the company, learning that she held a 21%
equity stake.
Initial Offers and Hesitations
While the sharks admired the jewellery and brand potential,
they were cautious about its long-term value. Vineeta Singh opted out, citing
uncertainty about the business’s sustainability. Kunal Bahl also hesitated,
stating his preference for investing in earlier-stage startups.
Aman Gupta’s Mixed Offer
Aman Gupta expressed interest but proposed a hybrid
offer—₹40 lakhs for 3% equity and ₹86 lakhs as debt at 12% interest for three
years. This structured deal created a dilemma for the founders, who aimed for a
better valuation.
The Turning Point: Namita and Ritesh’s Offer
Namita Thapar saw potential and offered ₹1.26 crore for 1%
equity, along with a 1% royalty until ₹1.25 crore was recovered. The royalty
clause was a sticking point, leading to multiple rounds of negotiations.
Eventually, Namita revised her offer to a 5% royalty until the amount was
recouped, and Ritesh Agarwal joined in, sealing the deal.
Why the Sharks Invested
Despite initial hesitations, Namita and Ritesh were
convinced by Palmonas’ strong brand identity, growing revenue, and global
scalability. Shraddha Kapoor’s involvement further cemented the brand’s
credibility, and the sharks believed their mentorship could help refine
Palmonas’ business strategy for long-term success.
The Road Ahead
With funding secured, Palmonas now focuses on
execution—enhancing product innovation, expanding its global presence, and
strengthening its marketing strategy. Backed by strategic investors and a
passionate leadership team, Palmonas is set to redefine luxury jewellery for
modern women.
Timeline for story
2017 – Pallavi Mohadikar founded Karagiri.
2023 (July) – Co-founded Palmonas to offer demi-fine
jewellery.
2023 – Shraddha Kapoor joined Palmonas as a co-founder.
2023 (FY22-23) – Palmonas generated ₹3.8 crore in revenue.
2024 (FY23-24) – Revenue surged to ₹6 crore.
2024 (Shark Tank India S4) – Pitched for ₹1.26 Cr at ₹126 Cr
valuation.
2024 (Shark Tank India S4) – Secured investment from Namita
Thapar & Ritesh Agarwal.
2025 & Beyond – Focus on global expansion and product
innovation.
