Demi-fine jewellery brand Palmonas has raised around $22 million (approximately ₹200 crore) in its Series B funding round, led by Xponentia Capital with participation from Vertex Ventures. The funding reflects growing investor confidence in India’s affordable luxury segment, especially as more consumers look for stylish yet reasonably priced jewellery.
The Pune-based startup has been expanding steadily, and this fresh capital is expected to help it scale faster and strengthen its market presence.
Valuation nears ₹2,000 crore amid rising revenue
With this round, Palmonas’ valuation has reached close to ₹2,000 crore, marking a sharp jump from its previous funding stage. The increase is backed by strong financial performance.
In FY25, the company reported revenue of ₹39 crore, a significant rise from under ₹1 crore in FY24. What stands out is that Palmonas has also turned profitable during this period, which is a positive sign for investors and signals a sustainable business model.
Targeting modern Indian consumers
Founded in 2022 by Pallavi Mohadikar and Amol Patwari, Palmonas also counts Bollywood actress Shraddha Kapoor as a co-founder. The brand focuses on demi-fine jewellery, offering a mix of affordability and premium design. Its product range includes everyday pieces like rings, necklaces, bracelets, and mangalsutras, designed to suit modern Indian tastes. The brand aims to bridge the gap between high-end jewellery and fast fashion accessories.
The newly raised funds will be used to expand product categories, improve supply chains, and grow both online and offline presence.With demand for affordable luxury rising across India, Palmonas appears well-positioned to build a strong foothold in the country’s evolving jewellery market.