Palmonas’ Valuation Stretch, LAT Aerospace’s Acquisition, and Livspace CBO Steps Down

Indian jewellery is quietly shifting from locker-room gold to wardrobe-ready fashion. For decades, the market was bar-belled: unorganized imitation at one end and 22K hallmarked gold at the other. In between, there was a vacuum - no strong, branded, everyday-wear category priced between ₹1,500 and ₹10,000. Demi-fine jewellery is now filling that gap. And Palmonas has positioned itself at the centre of that arbitrage.

The macro thesis is straightforward. Gold prices hovering around ₹140,000-₹147,000 per 10g have pushed traditional jewellery deeper into “investment” territory . Younger consumers, particularly Gen-Z and urban millennials, are less interested in locking capital into heavy bridal sets. They want stackable chains, minimalist hoops, office-friendly pieces. Jewellery is moving from asset to accessory. From wealth storage to self-expression.

That pivot underpins Palmonas’ ₹200 crore Series B raise at a reported ₹1,900-2,000 crore valuation. On FY25 revenue of roughly ₹35-40 crore, that implies a revenue multiple north of 45-50x. Traditional jewellers trade nowhere near that. So what are investors underwriting?

Two things: growth velocity and category creation.

Palmonas reportedly scaled from sub-₹1 crore revenue in FY24 to nearly ₹40 crore in FY25, while remaining profitable with ₹4-5 crore PAT. Profitable D2C at this stage is rare. Gross margins benefit from 18K gold vermeil, stainless steel bases, and tighter SKU control. Design and fulfillment are anchored in Pune, enabling faster trend-to-shelf cycles and controlled inventory risk.

Material science is part of the moat. Thicker plating, hypoallergenic bases, and durability claims help differentiate from ₹500 imitation pieces that tarnish in weeks. If retention improves because products actually last, blended CAC structurally falls.

The GTM edge is equally strategic. Shraddha Kapoor is not just a brand ambassador but a founder-influencer with equity alignment. That shifts marketing from pure paid acquisition to community-led storytelling. In a Meta-inflated ad market, organic reach matters.

But valuation euphoria masks structural risks.

First, the imitation ceiling. Unorganized players can replicate designs rapidly at lower price points. The visual difference between demi-fine and premium imitation is often subtle to an untrained eye. Palmonas must continually educate consumers on plating thickness, material standards, and warranties to justify premiums.

Second, offline expansion. The plan to scale to ~100 stores, largely mall-led, brings fixed costs and capex intensity. D2C margins can erode quickly if store productivity lags. Over-expansion is the fastest way to compress a premium brand into discount territory.

Third, regulatory tightening. BIS hallmarking norms are expanding . While demi-fine currently sits in a lighter compliance band, clearer definitions around “vermeil” or karatage disclosures could raise costs, but also formalize the category.

Competition is intensifying. GIVA owns the silver mass-premium space. BlueStone and CaratLane anchor precious jewellery. Lab-grown specialists like Firefly Diamonds are climbing the AOV ladder. Palmonas must defend its distinct mid-premium positioning without drifting upward into gold territory or downward into mass discounting.

The exit universe is narrow - Titan, ABFRL, or a strategic fashion conglomerate are logical buyers. An IPO by 2028-29 would require scaling to ₹300-500 crore revenue with mid-teen EBITDA margins. At current multiples, perfection is already priced in.

Palmonas is a proxy for the premiumization of Indian discretionary spend. If everyday luxury becomes habit rather than hype, it could define the demi-fine category. If not, the arbitrage between imitation and investment may prove thinner than it looks.

Let’s go through what else is happening in Indian startup world - Grab your simmering cup of StartupChai.in and unwind with our hand-brewed memes.

“Touch The Sky”: Deepinder Goyal’s LAT Aerospace Acquires Sharang Shakti To Foray Into Defense Tech

Deepinder Goyal is taking LAT Aerospace into uncharted airspace with the acquisition of Gurugram-based Sharang Shakti, marking the company’s first serious step toward indigenous defense capabilities.

Founded in 2023, Sharang Shakti has been building an anti-drone air defense system, a space that is fast becoming critical as aerial threats evolve.

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“Alvida Alvida”: Another Exit At Livspace, India CBO Lalit Mittal Steps Down

Another senior exit has hit Livspace as India CBO Lalit Mittal stepped down over a month ago, according to a company spokesperson. His departure follows closely on the heels of cofounder and India CEO Saurabh Jain quitting to pursue personal interests, adding to a growing leadership churn.

Earlier, CFO Saurabh Agarwal exited after five years and was recently succeeded by Abhishek Gupta, previously CFO at Myntra.

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“Achha Toh Hum Chalte Hai”: Bewakoof Founder Prabhkiran Singh To Step Down

Prabhkiran Singh, founder and CEO of Bewakoof, will step down at the end of March, saying he wants to prioritize health and family after years of building the brand.

Bewakoof began as a D2C upstart targeting young shoppers online and steadily expanded into marketplaces and offline retail as it scaled.

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1. Puresta has raised ₹34 Cr from Spring Marketing Capital to build an AI-led dermatology platform and has acquired SKINQ ahead of launch. Led by Hitesh Dhingra and Bhisham Bhateja of The Man Company fame, the startup is re-entering the beauty space with a tech-first play.

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2. Xflow has raised $16.6 Mn (₹151 Cr) in a Series A round backed by General Catalyst, Square Peg, Stripe, Lightspeed and Moore Capital, while also securing full approval for the Payment Aggregator Cross Border licence covering both exports and imports.

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3. Kris@Work has raised $3 Mn in a round led by Info Edge Ventures with participation from JN Capital and Growth Advisory to scale its agentic AI-powered, end-to-end SaaS platform for GTM teams. Founded in 2024, the startup is targeting clients across technology and financial services.

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4. HireBound has raised $2 Mn to sharpen its AI-powered recruitment platform, with plans to expand its product suite, scale go-to-market efforts and widen its footprint from Bengaluru. Founded in 2024 and currently a 15-member team, the startup automates sourcing, screening and evaluation.

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5. Oncare has raised ₹27 Cr in a Series A round led by Sky Impact Capital to expand its clinic network beyond its current presence in Delhi NCR into new metro as well as Tier-2 and Tier-3 cities. The startup plans to use the funds to build a wider national footprint.

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6. Basil has raised $2 Mn in a round led by Prime Venture Partners with participation from Appreciate Capital and IIMA Ventures to widen its product portfolio and strengthen supply chain, hiring and brand efforts. Currently clocking ₹36 Cr ARR, the brand is targeting ₹100 Cr ARR.

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7. Wishlink has raised $17.5 Mn in a round led by Vertex Ventures Southeast Asia & India with participation from Fundamentum and Elevation Capital to scale its creator-led commerce play. Based in Delhi NCR, the startup plans to use the fresh capital to expand its creator network.

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8. DATOMS has raised ₹25 Cr in a round led by Big Capital JSC with participation from IvyCap Ventures and YourNest Venture Capital to expand its industrial IoT platform and deepen product and tech capabilities. The startup, which counts clients such as Tata Steel, ONGC, and ABB.

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9. Practo is in advanced talks to raise $100-$125 Mn in a pre-IPO round comprising a mix of equity and debt, reportedly led by a global PE firm, which could value the company at around $700 Mn post-money. The healthtech player, which had earlier been eyeing a listing this year.

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