Pune-based D2C demi-fine jewellery startup Palmonas has raised INR 55 crore ($6.2 Mn) in a Series A funding round led by Vertex Ventures Southeast Asia & India (SEAI). The fresh capital will be used to scale up its 9kt gold demi-fine jewellery line, expand into new categories, and strengthen retail and digital operations.
100 New Stores Planned in the Next 12 Months
With the funding, Palmonas aims to establish a strong omnichannel presence by opening 100 new stores across India within the next year. The brand also plans to take its everyday luxury jewellery to global markets, leveraging the growing appetite for demi-fine jewellery worldwide.
Founded by Industry Entrepreneurs and Shraddha Kapoor
Palmonas was founded in 2022 by Pallavi Mohadikar and Amol Patwari, with actor Shraddha Kapoor later joining as Co-Founder. In just three years, the startup has fulfilled over 6.5 lakh orders and built a loyal repeat customer base. Its product portfolio includes necklaces, rings, bracelets, earrings, and mangalsutras, crafted from surgical stainless steel and sterling silver with 18K gold vermeil finish.
Valuation Rises After Shark Tank India Backing
Earlier this year, Palmonas secured INR 1.26 crore on Shark Tank India Season 4 from Namita Thapar and Ritesh Agarwal, valuing the company at INR 126 crore in February. Before this, the brand had raised INR 6 crore in an angel round in 2023. The Series A round marks its largest funding to date, further boosting its growth trajectory.
CEO’s Vision: Speed, Design, and Customer Obsession
Sharing her vision, CEO and Co-Founder Pallavi Mohadikar said, “Ten days after the idea of Palmonas was born, we launched our first collection. That same spirit of speed, ambition, and customer obsession drives us today. With this capital, we are ready to expand faster, design bolder, and bring Palmonas into the everyday lives of millions.”
Growing Competition in the Demi-Fine Jewellery Market
Palmonas operates in the fast-growing demi-fine jewellery segment, competing with emerging players such as GIVA, Kushal’s, Amalfa, and Amama, alongside fine jewellery leaders like CaratLane and Bluestone. According to Grand View Horizon, India’s demi-fine jewellery market is projected to reach USD 460.6 million by 2030, growing at a CAGR of 12.1%.
D2C Jewellery Startups Shine with Investor Backing
The broader Indian D2C jewellery market is experiencing a funding boom. In June 2025, GIVA raised INR 530 crore in a round led by Creaegis, while Firefly Diamonds secured $3 million in seed funding in March. Earlier this month, BlueStone debuted on Dalal Street after raising INR 693.3 crore from anchor investors. With 85% of jewellery sales still offline, online-first brands like Palmonas are capitalising on a post-pandemic digital shift, supported by innovations in AR try-ons and AI-driven personalisation.
Palmonas Positioned for National and Global Scale
With its Series A funding of INR 55 crore, Palmonas is now well-positioned to strengthen its hold on India’s fast-expanding jewellery market and carve out a niche in global markets. Its focus on everyday luxury, bold designs, and seamless omnichannel retail could establish it as one of the most influential jewellery startups from India in the coming decade.
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