With fresh funding led by Vertex Ventures, Palmonas aims to open 100 new stores, expand product lines, and lead innovation in India’s digital-first jewellery segment.
Funding Boost Fuels Palmonas’ Expansion Plans
Palmonas, a rising D2C demi-fine jewellery brand, has raised INR 55 Cr (~$6.2 Mn) in its Series A round, led by Vertex Ventures Southeast Asia & India.
- The capital will be used to:
- Strengthen the 9kt gold demi-fine collection
- Open 100 new retail stores in the next 12 months
- Expand into newer jewellery categories
CEO and cofounder Pallavi Mohadikar highlighted that the funding will fuel innovation, design diversity, and a seamless omnichannel shopping experience.
Building a Brand Around Accessible Luxury
Founded in 2022 by Pallavi Mohadikar and Amol Patwari, with actress Shraddha Kapoor joining as cofounder later, Palmonas specialises in demi-fine jewellery.
- Products include necklaces, rings, bracelets, earrings, and mangalsutras.
- Made using surgical stainless steel and sterling silver with an 18K gold vermeil finish, the brand offers premium aesthetics at accessible prices.
- The Pune-based brand operates through:
- Direct-to-consumer online sales
- Ecommerce platforms like Amazon and Flipkart
- A growing network of offline retail stores
Shark Tank to Series A: A Fast-Paced Growth Journey
Palmonas shot into mainstream visibility after securing INR 1.26 Cr from Namita Thapar and Ritesh Agarwal on Shark Tank India Season 4, valuing the startup at INR 126 Cr in February 2025.
- It previously raised INR 6 Cr in 2023 via an angel round.
- Since launch, it has fulfilled over 6.5 lakh orders, with a strong base of repeat customers—a key performance indicator in the D2C space.
Riding the Wave of India’s D2C Jewellery Boom
Palmonas’ funding comes amid a broader surge in India’s online jewellery market, driven by:
- Digital-first shopping behavior post-pandemic
- Demand for sustainable, affordable luxury
- Tech-driven innovations like AR-powered try-ons and AI-based personalization
Key industry moves this year include:
- GIVA raised INR 530 Cr from Creaegis and others in June
- Firefly Diamonds raised $3 Mn in March from WestBridge Capital
- BlueStone debuted on Dalal Street, backed by a INR 693 Cr anchor investment
Despite digital growth, 85% of jewellery sales in India remain offline, presenting huge omnichannel opportunities for emerging players like Palmonas.
Vertex’s Vote of Confidence
Vertex Ventures SEA & India—backers of Grab, FirstCry, Licious, Kuku FM, and Kapiva—adds weight to Palmonas’ long-term credibility.
- Vertex’s interest signals a strong bet on India’s fast-growing premium lifestyle category, particularly female-focused, design-led commerce brands.
What’s Next for Palmonas?
With this funding and expansion blueprint, Palmonas is eyeing a leadership position in India’s demi-fine jewellery segment, a niche bridging fashion and fine jewellery.
- The focus will be on brand building, physical retail, new verticals, and tech-enabled personalization.
- As the INR 1,000 Cr+ online jewellery space becomes increasingly competitive, Palmonas’ ability to marry design innovation with scale will be its differentiator.
