Palmonas has appointed Ritu Raj as Vice President – Supply Chain & Operations, bringing in one of India’s more experienced D2C logistics leaders as the Pune-based brand prepares to add 100 stores to its existing network over the next 12 months.
The appointment is a direct signal of what stage Palmonas is entering. Winning on product and digital distribution got the brand this far — operating revenue grew over 40 times to ₹39 crore in FY25 from just ₹97 lakh in FY24, and the company turned profitable in the same year, posting a net profit of ₹4.3 crore. Sustaining that trajectory across a physical retail network several times its current size requires a different kind of capability entirely: one built around logistics discipline, margin control at scale, and a supply chain that can serve both online and offline channels without breaking. That’s the gap Raj has been hired to close.
His background runs through some of the hardest supply chain problems in Indian consumer tech. Most recently at DeHaat, Raj served as VP – Supply Chain, leading end-to-end execution across a complex rural farm-to-consumer network spanning multiple states — an environment that demands both operational rigour and adaptability at the edge. Before that, at Milkbasket, he scaled omnichannel supply chain operations across 21 cities as Associate Director, managing large teams while keeping profitability and customer satisfaction intact. Earlier stints at Udaan, Peel-works, and Reliance Retail — where he contributed to the early build of last-mile grocery delivery infrastructure — round out a profile that is distinctly suited to what Palmonas needs next. He holds an Executive Development Programme credential from IIM Raipur and a degree in Hotel Management from IHM Pusa.
The context for this hire is a brand flush with capital and committed to a specific use for it. Palmonas closed a $40 million Series B just weeks ago, on 2 April 2026, co-led by Xponentia Capital and Vertex Growth Fund, with continued participation from existing investor Vertex Ventures SE Asia & India. Co-founder Shraddha Kapoor confirmed the capital will go toward aggressive offline expansion — the brand currently operates 60 stores, each of which is reportedly individually profitable.
The current valuation for Palmonas comes around at $211 million, with founders retaining 69% of the company; Kapoor’s stake in the business is currently worth approximately ₹1,360 crore on paper, according to Tracxn.
Pallavi Mohadikar and Amol Patwari founded Palmonas in 2022, with Kapoor joining as co-founder in March 2024 — a structural arrangement that went well beyond a standard celebrity endorsement. The brand operates in the demi-fine jewellery segment, a category positioned between fast-fashion accessories and traditional fine jewellery, using surgical steel and sterling silver with an 18K gold vermeil finish. It sells through its own website, Amazon India, Myntra, and quick-commerce platforms, including Blinkit, alongside its growing physical store network.
Palmonas appeared on Shark Tank India Season 4, which aired in early 2025, where the company secured a deal from sharks Namita Thapar and Ritesh Agarwal. The duo revealed during the pitch that Shraddha Kapoor was one of the very early customers of the company, long before she came on board as co-founder.
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Ritu Raj’s mandate will be to build the distribution infrastructure and operational control systems that can absorb the pace of expansion Palmonas has committed to. A 100-store rollout in 12 months — on top of 60 already running — isn’t a marketing exercise. It’s a logistics problem, a team-building problem, and a unit economics problem rolled into one. Bringing in someone who has operated at the intersection of all three, across rural networks, quick-commerce, and modern retail, suggests Palmonas is approaching the next phase with more operational seriousness than most celebrity-backed consumer brands manage at this stage.
