Palmonas Secures ₹55 Cr in Series A Funding

May 26, 2025

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Palmonas has raised ₹55 crore in Series A funding led by Vertex Ventures. With Bollywood actress Shraddha Kapoor backing the brand as a co-founder, Palmonas, a rising star in the Indian demi-fine jewellery market, is redefining affordable luxury jewellery for the modern Indian consumer.

The brand’s innovative approach and celebrity endorsement have positioned it as a key player in a fast-evolving segment.

Strategic Partnerships and Growth Trajectory

Founded in 2022 by Pallavi Mohadikar and Amol Patwari, Palmonas specializes in demi-fine jewellery crafted from surgical-grade stainless steel and sterling silver plated with 18K gold vermeil.

The brand offers a range of products including necklaces, rings, bracelets, earrings, and mangalsutras, priced between ₹800 and ₹5,500.

Shraddha Kapoor joined Palmonas as a co-founder in March 2024 after being a loyal customer. Her involvement has significantly boosted the brand’s visibility and reach. Earlier in 2025, Palmonas raised ₹1.26 crore on Shark Tank India Season 4 from investors Namita Thapar and Ritesh Agarwal, further solidifying its market position

Expansion Plans and Future Outlook

With the recent funding, Palmonas plans to expand its offline presence by opening exclusive experience stores in major metropolitan cities across India. The brand is also eyeing international markets such as the US, Middle East, and Southeast Asia. Additionally, a portion of the funds will be allocated towards developing AI-driven personalization technology to enhance customer experience.

Despite reporting a loss of ₹1.24 crore in FY24, Palmonas’s revenue grew from ₹3.83 crore in FY23 to ₹5.38 crore in FY24, indicating a positive growth trajectory.

Palmonas’s innovative approach to affordable luxury jewellery, combined with strategic partnerships and a clear expansion roadmap, positions it well to redefine the demi-fine jewellery market in India and beyond.