Palmonas Raises $40 Million for Jewellery Expansion

Demi-fine jewellery brand Palmonas has successfully secured $40 million (approximately Rs 373 crore) in a recent Series B funding round, which was led by Xponentia Capital and Vertex Growth Fund, along with contributions from its existing investor, Vertex Ventures. Startup Superb recently reported this funding achievement.

Previously, Palmonas had garnered Rs 55 crore from Vertex Ventures in May of last year, a detail that was also exclusively covered by Startup Superb. The new funds will primarily be allocated towards enhancing its offline retail footprint, thereby strengthening its current store network.

About Palmonas

Established in 2022 by Pallavi Mohadikar and Amol Patwari, Palmonas has seen Bollywood actress Shraddha Kapoor join the team as a co-founder. The brand operates as an omnichannel jewellery provider, offering demi-fine pieces through both online platforms and physical outlets.

The brand aims to deliver affordable jewellery designed from materials like sterling silver and stainless steel with gold plating, appealing to consumers looking for options that blend fashion with fine jewellery.

Previous Funding and Valuation

In February of last year, Palmonas attracted Rs 1.26 crore during Shark Tank India Season 4 from investors Namita Thapar and Ritesh Agarwal, which valued the company at Rs 126 crore post-money. Before this, the company secured Rs 6 crore in an angel funding round. In March 2024, the addition of Bollywood actress Shraddha Kapoor as a co-founder further boosted the company’s profile.

Financial Performance

For the fiscal year concluding in March 2025, Palmonas showed remarkable growth in operating revenue, skyrocketing over 40 times to Rs 39 crore, compared to Rs 97 lakh in FY24. Concurrently, the company achieved profitability, recording a profit of Rs 4.3 crore.

Market Competition

Palmonas finds itself in competition with larger entities in the jewellery sector, including GIVA, BlueStone, COLUXE, Fiona Diamonds, Limelight Lab Grown Diamonds, and Jewelbox.