Palmonas, a demi-fine jewellery startup, has raised Rs 55 crore ($6.2 million) in its Series A funding round led by Vertex Ventures Southeast Asia & India (SEAI).
The funds will be used to expand its 9kt gold demi-fine collection, open 100 new stores in the next 12 months, and enter new jewellery categories, the company said.
Founded in 2022 by Pallavi Mohadikar and Amol Patwari, with actor Shraddha Kapoor joining later as cofounder, Palmonas specialises in demi-fine jewellery crafted from surgical stainless steel and sterling silver with 18K gold vermeil finish. Its product portfolio spans necklaces, rings, bracelets, earrings, and mangalsutras.
The brand operates with a D2C-first model, driving sales primarily through its online store, while also leveraging Amazon, Flipkart, and offline outlets. Since inception, Palmonas has processed 6.5 lakh+ orders and built a strong base of repeat customers.
Earlier this year, Palmonas was valued at Rs 126 crore following an investment of Rs 1.26 crore from Namita Thapar and Ritesh Agarwal on Shark Tank India Season 4. It had previously raised Rs 6 crore in an angel round in 2023.
Palmonas competes with GIVA, BlueStone, CaratLane, Melorra, and Firefly Diamonds, as India’s jewellery market rapidly shifts online. While 85% of the market remains offline, the country’s online jewellery segment is projected to reach $3.7 billion by 2025, creating opportunities for new-age D2C brands.
Notably, GIVA raised Rs 530 crore in June 2025, Firefly Diamonds secured $3 million in March, and BlueStone went public after raising Rs 693.3 crore from anchor investors.
By: Arushi Agarwal
