Palmonas, the quickly expanding fashion and jewelry brand co-founded by Shraddha Kapoor, is in talks to get between ₹200–250 crore from Xponentia Capital, sources say. If this goes through, the Pune-based startup could be valued at ₹1,600–1,800 crore — more than triple its previous valuation of ₹500–550 crore from its earlier funding round with Vertex Ventures this year.
These talks show that investors are increasingly sure about the Indian jewelry market, in particular direct-to-consumer brands. New companies selling lab-grown diamonds, fashion jewelry, and high-end lines are growing fast online, offline, and through quick commerce channels. People in the business say that Palmonas is currently making about ₹300 crore annually, making it one of the fastest-growing direct-to-consumer brands in its field.
Started in 2022 by Amol Patwari and Pallavi Mohadikar, and later joined by Shraddha Kapoor, Palmonas has made a name for itself in the modern jewelry market. The brand specializes in stainless steel and gold jewelry, providing quality pieces like necklaces, rings, bracelets, earrings, and mangalsutras at reasonable prices. This approach is perfect for India’s young consumers who have big dreams – people who are changing the way direct-to-consumer brands work in India.
The brand’s quick revenue growth and growing physical presence have caught the attention of investors, especially since jewelry is becoming a popular area. When it last raised funds, Palmonas planned to open 100 new stores in a year, improve its distribution across different channels, and grow its product lines — all important for its rising valuation.
Investor interest in the jewelry market has gone up in 2025, with several companies raising a lot of money this year.
This trend shows a bigger change – jewelry has become one of the fastest-growing parts of the direct-to-consumer market in India, driven by people wanting better quality, buying gifts, and following influencers. One investor said that brands are raising money now to build up their inventory and improve what they offer before Valentine’s Day 2026, which is a big time for both online and offline jewelry sales.
Palmonas’ potential deal with Xponentia would be one of the largest investments in a fashion jewelry direct-to-consumer brand in India this year. It highlights the brand’s strong performance and growing popularity. With the rise in direct-to-consumer IPOs, acquisitions in 2025, and big funding announcements, Palmonas is a brand that is creating global-standard jewelry with big goals.
With strong investor interest, quickly rising annual revenue, and a valuation expected to triple, Palmonas is part of a new group of direct-to-consumer brands that are changing India’s jewelry market — and becoming serious candidates for future IPOs.
