Palmonas, a demi-fine jewelry startup, just got a boost with Rs 55 crore (about $6.2 million) in Series A funding. Vertex Ventures Southeast Asia & India (SEAI) led the round.
This is a big step for the brand in India’s D2C scene, where jewelry brands are gaining popularity. The money will go towards expansion, including opening 100 new stores in the next year. Palmonas also plans to expand its 9kt gold collection and move into new product areas, solidifying its place as a top D2C brand in India.
Pallavi Mohadikar and Amol Patwari started Palmonas in 2022, and actor Shraddha Kapoor later joined as a co-founder. The brand represents a new wave of premium D2C brands coming out of India. Kapoor’s involvement has helped Palmonas stand out and connect with millennials and Gen Z customers who care about both style and quality.
Palmonas specializes in demi-fine jewelry made from surgical stainless steel and sterling silver with an 18K gold finish. They sell necklaces, rings, bracelets, earrings, and mangalsutras. The brand sits between fashion and fine jewelry, targeting young consumers who are looking for affordable luxury that lasts.
Since launching, Palmonas has already fulfilled over 650,000 orders and built a loyal customer base. Their business is mainly online, with sales through their website and platforms like Amazon and Flipkart. They’re also investing in brick-and-mortar stores to create a multi-channel approach that combines discovery with trust.
Earlier this year, Palmonas was valued at Rs 126 crore after Namita Thapar and Ritesh Agarwal invested on Shark Tank India Season 4. Before that, they raised Rs 6 crore in an angel round in 2023. This Series A round puts Palmonas among the growing number of D2C brands attracting interest from large investors.
India’s jewelry market is shifting towards digital, with the online market expected to reach $3.7 billion by 2025. This creates chances for brands like Palmonas to change the game and compete with more established companies. Palmonas faces competition from other fashion and lifestyle jewelry brands like GIVA, BlueStone, CaratLane, Melorra, and Firefly Diamonds.
Palmonas aims to blend Indian design with global appeal, using Shraddha Kapoor’s influence to connect with customers. With a strong base, increasing popularity, and new funding, Palmonas is positioned to become a top D2C brands and a possible candidate for an IPO in the future. For now, this Series A round confirms its role as one of the newer D2C brands reshaping jewelry retail in India.
