The newly raised capital will be directed towards expanding the brand’s offline retail footprint, strengthening its current store network
Mumbai: Demi-fine jewellery start-up Palmonas has secured $40 million (approximately Rs 373 crore) in a Series B funding round led by Xponentia Capital and Vertex Growth Fund, with continued backing from existing investor Vertex Ventures.
The company had raised Rs 55 crore from Vertex Ventures in May last year. The newly raised capital will be directed towards expanding its offline retail footprint, strengthening its current store network.
Palmonas operates in the affordable jewellery segment, offering pieces crafted in sterling silver and stainless steel with gold plating, positioned between fashion and fine jewellery. The brand has also recently entered the 9KT gold jewellery category.
In February last year, Palmonas raised Rs 1.26 crore on Shark Tank India Season 4 from investors Namita Thapar and Ritesh Agarwal, valuing the company at Rs 126 crore. Prior to this, it had secured Rs 6 crore through an angel round. In March 2024, actor Shraddha Kapoor joined the company as a co-founder.
For the financial year ending March 2025, Palmonas reported a sharp rise in operating revenue, growing over 40 times to Rs 39 crore from Rs 97 lakh in FY24. The company also achieved profitability during the year, posting a profit of Rs 4.3 crore.
Founded in 2022 by Pallavi Mohadikar and Amol Patwari, Palmonas functions as an omnichannel jewellery brand, retailing demi-fine collections through both digital platforms and physical outlets.
Palmonas has been steadily building its offline presence through exclusive brand outlets in key urban markets. As the company continues to expand its physical footprint, further additions are planned using the latest funding.
Retail Jeweller India News
