Palmonas Raises $40 Million Series B Led by Xponentia Capital and Vertex Growth Fund

Demi-fine jewellery startup Palmonas has secured $40 million (approximately Rs 373 crore) in a Series B funding round led by Xponentia Capital and Vertex Growth Fund, with participation from existing investor Vertex Ventures SE Asia and India. The fresh capital will be deployed to accelerate the brand’s offline retail expansion across India.

What Is Palmonas and How the Demi-Fine Jewellery Brand Was Built

Founded in 2022 by Pallavi Mohadikar and Amol Patwari, Palmonas is an omnichannel jewellery brand operating in the demi-fine segment. Demi-fine jewellery sits between affordable fashion accessories and high-end fine jewellery, offering well-crafted products at accessible price points.

The brand uses surgical stainless steel and sterling silver with an 18K gold vermeil finish. Bollywood actor Shraddha Kapoor joined as co-founder in March 2024, bringing significant brand reach to the startup’s growth strategy. PwC India served as the exclusive financial advisor to Palmonas for this Series B round.

Palmonas Series B Funding: Investor Details and Use of Capital

The Series B round was co-led by Xponentia Capital and Vertex Growth Fund, with Vertex Ventures SE Asia and India also participating as an existing backer. Prior to this, Palmonas raised Rs 55 crore in a Series A round led by Vertex Ventures in August 2025 and Rs 6 crore in an angel round in 2023.

The startup also raised Rs 1.26 crore on Shark Tank India Season 4 from investors Namita Thapar and Ritesh Agarwal, at a post-money valuation of Rs 126 crore. The latest round pushes total funding raised by Palmonas to approximately $46 million.

For more coverage on Indian jewellery startup funding rounds, visit KnowStartup.

Shraddha Kapoor on Palmonas Offline Retail Strategy and Store Profitability

Co-founder Shraddha Kapoor confirmed in a post on LinkedIn that the Series B capital will primarily fund an aggressive scaling of the brand’s physical retail footprint.

Palmonas currently operates 60 stores, with each reported to be individually profitable — a metric the founders cite as a key differentiator from many direct-to-consumer brands expanding offline. Follow Shraddha Kapoor on Instagram for brand updates.

Palmonas Revenue Surges 40X in FY25 as Brand Turns Profitable

Palmonas recorded a sharp improvement in financial performance for the fiscal year ending March 2025. Operating revenue grew over 40 times to Rs 39 crore from Rs 97 lakh in FY24. The company also turned profitable during the same period, posting a net profit of Rs 4.3 crore.

The growth trajectory reflects increasing consumer demand for demi-fine jewellery and validates Palmonas’ omnichannel model — combining direct online sales with a growing network of physical retail stores — ahead of its next expansion phase.

What Palmonas Series B Means for India’s Jewellery Startup Market

The funding round reflects growing investor confidence in India’s organised jewellery market, particularly in segments that target aspirational consumers seeking quality at accessible price points. Palmonas competes with established players including GIVA, BlueStone, Jewelbox, Fiona Diamonds, COLUXE, and Limelight Lab Grown Diamonds.

The broader online jewellery market is projected to reach $69.68 billion by 2030, driven by digital payment adoption and rising e-commerce penetration, according to a Technavio report. The investment follows a period of heightened activity in the fashion jewellery startup space, where lab-grown diamond brands including True Diamond, Lucira, and Aukera also attracted significant capital throughout 2025.

Author

Sachin

Sachin Sidharth is a Digital Marketing professional with a master’s degree in Digital Marketing from Coventry University, UK. He has 10+ years of blogging and online marketing experience. He currently heads Digital Acquisition for a leading London-based Fintech firm. At KnowStartup.com He focuses on writing Digital Marketing guides and manages...

Sachin Sidharth is a Digital Marketing professional with a master’s degree in Digital Marketing from Coventry University, UK. He has 10+ years of blogging and online marketing experience. He currently heads Digital Acquisition for a leading London-based Fintech firm. At KnowStartup.com He focuses on writing Digital Marketing guides and manages KnowStartup's Digital Agency rankings of firms across multiple cities in India. You can reach him on Linkedin.

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