Palmonas, an Indian jewellery brand operating in the demi-fine segment, has secured $40 million (approximately ₹373 crore) in a Series B funding round.
The investment was led by Xponentia Capital and Vertex Growth Fund, with continued participation from existing backer Vertex Ventures SE Asia and India. The capital is designated for the acceleration of the brand’s physical retail footprint, targeting aggressive growth in the offline segment over the next twelve months.
According to a report on KnowStartup, the company currently operates 60 stores, all of which are reported to be individually profitable. Co-founder Shraddha Kapoor stated that the fresh funding will support scaling these operations without compromising on unit economics.
The latest round brings the total capital raised by the startup to approximately $46 million since its inception in 2022.
Investment Details and Market Valuation
Before this Series B round, the Pune-based startup raised ₹55 crore in a Series A round in August 2025. This followed an angel round of ₹6 crore in 2023 and an appearance on Shark Tank India Season 4, where it secured ₹1.26 crore at a post-money valuation of ₹126 crore.
Reports from Entrackr indicate that the latest funding round values the company at approximately ₹1,950 crore, representing a significant increase from previous valuations.
The brand focuses on the demi-fine jewellery category, which occupies the price bracket between affordable fashion accessories and high-end fine jewellery.
Its products are typically manufactured using surgical-grade stainless steel or sterling silver with an 18K gold vermeil finish. This material choice provides a hypoallergenic alternative to traditional imitation jewellery and is intended for long-term daily wear.
Financial Growth and Founder Background
For the fiscal year ending March 2025, Palmonas reported an operating revenue of ₹39 crore, compared to ₹97 lakh in the previous financial year.
The company also reached profitability during this period, recording a net profit of ₹4.3 crore. This financial performance is a notable differentiator in the direct-to-consumer jewellery space, where many expanding brands continue to operate at a loss.
The brand was established by Pallavi Mohadikar and Amol Patwari. Mohadikar previously founded the ethnic wear brand Karagiri, which was acquired by Mensa Brands in 2021, as noted by YourStory.
In March 2024, actor Shraddha Kapoor joined the firm as a co-founder with an equity stake, moving away from a traditional celebrity endorsement model to participate directly in the brand’s business strategy.
Market Competition
The demi-fine jewellery sector in India is currently experiencing increased investment activity. Palmonas competes with other significant players such as GIVA, which recently sought further institutional capital, and BlueStone.
Research by Entrepreneurs Today suggests that the demand for demi-fine products is driven by consumers seeking durable, daily-wear items that offer a gold-like appearance at lower cost points than traditional 22K gold.
The move toward offline retail is a consistent trend among omnichannel jewellery brands. By establishing 60 profitable stores, Palmonas has demonstrated a model that avoids the heavy cash burn often associated with rapid physical expansion.
The new capital will be utilised to further penetrate tier-1 and tier-2 markets through a mix of company-owned and franchise-operated locations.
