Pune-based demi-fine jewellery startup Palmonas has secured ₹55 crore (~$6.2 million) in Series A funding led by Vertex Ventures Southeast Asia & India (SEAI).
The fresh capital will fuel the brand’s plans to grow its 9kt gold demi-fine line, launch 100 new outlets in the coming year, enter new product categories, and take its everyday luxury brand to international markets.
Founded in 2022 by Pallavi Mohadikar and Amol Patwari, Palmonas quickly carved a niche in the jewellery space with products crafted from stainless steel and sterling silver with 18K gold vermeil finishing. Actor Shraddha Kapoor later joined as co-founder, strengthening its visibility and brand positioning.
Operating on a direct-to-consumer (D2C) model, Palmonas sells primarily through its own website while also being available on Amazon, Flipkart, and offline retail stores. Since its inception, the startup claims to have fulfilled over 6.5 lakh orders, driven by strong repeat purchases and a growing loyal customer base.
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The company’s valuation climbed to ₹126 crore earlier this year after securing ₹1.26 crore from Namita Thapar and Ritesh Agarwal on Shark Tank India Season 4. Prior to that, Palmonas had raised ₹6 crore in an angel round in 2023.
With 85% of India’s jewellery market still offline, the digital jewellery segment is expected to reach $3.7 billion by 2025, offering a massive growth runway for digital-first players like Palmonas.
