D2C demi-fine jewellery brand Palmonas has successfully raised ₹55 crore in a Series A funding round led by Vertex Ventures Southeast Asia & India, lifting its post-money valuation to ₹550 crore (approx. $65 million)
About Palmonas
Founded in 2022 by Pallavi Mohadikar and Amol Patwari, and later joined by Bollywood actress Shraddha Kapoor as co-founder in March 2024, Palmonas focuses on waterproof, skin-safe, demi-fine jewellery crafted from stainless steel or sterling silver with 9kt gold vermeil finishing.
What the Funding Enables
- Store Expansion: Launch 100 new offline retail stores across India over the next 12 months.
- Product Strengthening: Enhance its signature 9kt gold demi-fine line and boost presence in top-performing categories.
- Global Ambitions & Brand Experience: Elevate the brand experience to convert new shoppers into repeat customers and lay groundwork for global expansion.
Growth Trajectory to Watch
| Category | Details |
|---|---|
| Previous Funding | Raised ₹1.26 cr on Shark Tank India (valuation: ₹126 cr) and ₹6 cr in an angel round. |
| Financials (FY24) | Operating revenue: ₹5.38 cr (up from ₹3.83 cr in FY23); net loss: ₹1.24 cr |
| Orders Fulfilled | Over 650,000 orders served so far. |
Why This Round Matters
- Strong Institutional Backing: Vertex Ventures’ investment underscores confidence in Palmonas as a future leader in the D2C demi-fine jewellery sector.
- Retail Push: Opening 100 physical stores signals ambition to go omnichannel, not just online.
- Celebrity Co-founder: Shraddha Kapoor’s association boosts brand visibility, especially among younger consumers.
- Investor Momentum: From ₹126 cr valuation post–Shark Tank to ₹550 cr now — a remarkable growth leap.
What’s Next?
Palmonas plans to amplify its omnichannel presence with the upcoming stores, enhance product offerings for mass adoption, and possibly explore international expansion. The ₹55 cr funding sets the stage for taking everyday luxury jewellery to a wider audience.
