Demi-Fine Jewellery Startup Palmonas Bags Rs 55 Crore in Series A — Plans 100 New Stores and Major Expansion

Palmonas, the rising star in India’s demi-fine jewellery scene, just secured a whopping Rs 55 crore in its Series A funding round — led by Vertex Ventures Southeast Asia & India. This fresh capital injection is set to supercharge the brand’s ambitious plans, including expanding its 9kt gold demi-fine collection and launching 100 new stores within a year.

If you thought the jewellery market was only about traditional big brands, think again. Palmonas is rewriting the rulebook by blending stylish demi-fine jewellery with a digital-first business model that’s capturing the hearts of India’s younger shoppers.

How Palmonas is Changing the Jewellery Game

Founded in 2022 by Pallavi Mohadikar and Amol Patwari, with Bollywood star Shraddha Kapoor joining as co-founder later, Palmonas is making waves with its unique demi-fine jewellery crafted from surgical stainless steel and sterling silver with an 18K gold vermeil finish.

From necklaces and rings to bracelets, earrings, and even mangalsutras, Palmonas combines style with affordability, targeting a growing market of fashion-conscious consumers who want quality without breaking the bank.

Digital-First Model Driving Explosive Growth

Palmonas primarily sells through its online store but also leverages major marketplaces like Amazon and Flipkart, along with offline retail outlets. Since launch, it has processed over 6.5 lakh orders, building a loyal base of repeat customers.

This direct-to-consumer (D2C) approach allows the startup to connect directly with buyers, control brand experience, and rapidly scale — a formula that’s paying off handsomely.

Competing With India’s Jewellery Giants

Palmonas faces stiff competition from established D2C jewellery players like GIVA, BlueStone, CaratLane, Melorra, and Firefly Diamonds. These brands are all riding the wave of India’s fast-growing online jewellery market, projected to hit $3.7 billion by 2025.

Despite offline players still holding nearly 85% of the overall jewellery market, digital adoption is accelerating, giving brands like Palmonas a golden opportunity to expand rapidly.

Strong Investor Confidence and Valuation

Earlier this year, Palmonas was valued at Rs 126 crore, buoyed by investments from Shark Tank India stars Namita Thapar and Ritesh Agarwal. The current Series A funding round follows a successful angel round of Rs 6 crore raised in 2023.

The fresh capital will fund product expansion and a major retail push — a bold strategy that could disrupt the jewellery retail landscape across India.

What’s Next for Palmonas?

With plans to open 100 new stores over the next 12 months and broaden its product lineup, Palmonas is gearing up for rapid growth.

The brand is poised to capitalize on the ongoing digital shift and changing consumer preferences — positioning itself as a key player in India’s booming jewellery market.