Palmonas Raises Rs 200 Crore in Series B Funding

Palmonas is aiming to secure Rs 200 crore (approximately $22 million) in its Series B funding round, with XPONENTIA Capital taking the lead and existing investor Vertex Ventures also participating, as revealed in internal documents reviewed by Startup Superb. Previously, Palmonas raised Rs 55 crore from Vertex Ventures in May of last year, a funding round that Startup Superb reported exclusively.

Details of the Fundraising Round

The company’s filings with the Registrar of Companies (RoC) show that it plans to issue 815 Series B CCPS at an issue price of Rs 13,59,434 each, aimed at raising Rs 110 crore. The remainder of the Rs 90 crore is anticipated to be raised through a separate filing soon.

XPONENTIA Capital will invest Rs 179 crore, or nearly $20 million, while Vertex Ventures will contribute Rs 21 crore to the round. Based on the documents, Palmonas’ valuation is projected to increase 3.8 times to Rs 1,950 crore (approximately $217 million) post-money, compared to over Rs 500 crore in the prior round. After the new investment, XPONENTIA Capital is expected to hold a 10.68% stake, while Vertex Ventures will command a 14.25% stake. The co-founders, Pallavi Mohadikar, Amol Patwari, and Shraddha Kapoor, are likely to collectively retain around 65% ownership.

Inquiries directed to Palmonas did not receive a response before publication. Updates will follow as soon as the company provides feedback.

About Palmonas

Established in 2022 by Amol Patwari and Pallavi Mohadikar, Palmonas focuses on demi-fine jewellery, offering products such as necklaces, rings, bracelets, earrings, and mangalsutras, all crafted from stainless steel and featuring an 18k gold vermeil coating.

In February last year, Palmonas successfully raised Rs 1.26 crore during Shark Tank India Season 4, with investments coming from Namita Thapar and Ritesh Agarwal, resulting in a post-money valuation of Rs 126 crore. Additionally, before this, the brand had acquired Rs 6 crore in an angel round. In March 2024, Bollywood actress Shraddha Kapoor joined as a co-founder.

Financial Performance

For the fiscal year ending March 2025, Palmonas experienced a remarkable increase in its operating revenue, escalating over 40 times to Rs 39 crore from Rs 97 lakh in FY24. The company also achieved profitability during this period, reporting a profit of Rs 4.3 crore.

Market Competition

Palmonas competes with established players in the jewellery segment, including GIVA, which is in the process of raising $12 million; BlueStone, which went public last year; and Firefly Diamonds, which secured $3 million in a seed round led by WestBridge Capital in March last year. Other competitors in this space include COLUXE, Fiona Diamonds, Limelight Lab Grown Diamonds, and Jewelbox.