Palmonas Raises $40 Mn in Series B to Accelerate Growth in Demi-Fine Jewellery Segment

Omnichannel jewellery startup Palmonas has successfully raised $40 million (₹373 crore) in its Series B funding round, marking a significant milestone in its growth journey. The round was led by Xponentia Capital and Vertex Growth Fund, with continued participation from existing investor Vertex Ventures SE Asia & India.

The development was also highlighted by PwC India in a recent LinkedIn post, where the firm announced its role as the exclusive financial advisor to Palmonas for this transaction. While the company has not officially disclosed detailed allocation plans for the newly raised capital, the funding is expected to support its expansion, brand building, and operational scale-up.

Founded in 2022 by entrepreneurs Pallavi Mohadikar and Amol Patwari, Palmonas has rapidly emerged as a strong player in India’s evolving jewellery market. The brand further strengthened its identity with the onboarding of Bollywood actor Shraddha Kapoor as a cofounder, bringing both visibility and consumer trust to the business.

Palmonas specialises in demi-fine jewellery, a fast-growing segment that bridges the gap between affordable fashion jewellery and high-end fine jewellery. Its product line is crafted using surgical stainless steel and sterling silver, finished with 18K gold vermeil, offering durability, elegance, and affordability to modern consumers.

Operating through an omnichannel model, Palmonas seamlessly integrates online and offline retail experiences. This approach enables the brand to cater to a wide range of customers, combining convenience with personalised shopping experiences, an essential factor in today’s competitive D2C landscape.

The fresh capital infusion is expected to further strengthen Palmonas’ position in the market. With increasing demand for high-quality yet affordable jewellery, the brand is well-positioned to capitalise on shifting consumer preferences, particularly among younger audiences seeking everyday luxury.

Palmonas’ rapid growth highlights the rising investor interest in India’s D2C and lifestyle segments. As the company continues to scale, it aims to redefine accessibility in the jewellery space while maintaining a strong focus on design innovation and quality craftsmanship.

This funding round not only validates Palmona’s business model but also signals strong confidence from investors in its long-term vision and market potential.