Jewellery startup Palmonas has successfully raised $40 million (₹373 crore) in a Series B funding round, led by Xponentia Capital and Vertex Growth Fund. Existing investor Vertex Ventures SE Asia & India also participated in this round.
PwC India announced via LinkedIn that they acted as exclusive financial advisors for Palmonas during this fundraising effort. While the startup has not disclosed specific details regarding the use of the funds, co-founder and actress Shraddha Kapoor indicated that the capital will primarily be used to bolster the company's offline presence.
Kapoor shared, “With just 60 stores, a significant chunk of our revenue already comes from retail. Over the next 12 months, we intend to scale this even more aggressively. Every store is profitable, showcasing solid fundamentals without cash burn.”
Founded in 2022 by Mohadikar and Amol Patwari, with Kapoor joining later, Palmonas specializes in demi-fine jewellery crafted from surgical stainless steel and sterling silver, featuring an 18K gold vermeil finish.
Demi-fine jewellery serves as a bridge between affordable fashion accessories and high-end fine jewellery, offering quality pieces at accessible prices.
Before this round, Palmonas raised ₹55 crore in a Series A funding round in August 2025, aimed at enhancing its product portfolio and expanding into new categories. To date, the startup has raised approximately $6 million.
The jewellery market is witnessing increased consumer interest, particularly in the fashion jewellery segment, influenced by social media trends. Last year, lab-grown diamond jewellery gained significant traction, with brands like True Diamond, Jewelbox, Lucira, and Aukera attracting investments.
According to a report by Technavio, the online jewellery market is projected to reach $69.68 billion by 2030, driven by the growing adoption of digital payments.
