Palmonas raises Rs 55 Cr in Series A round led by Vertex Ventures

Demi-fine jewellery startup Palmonas has raised Rs 55 crore (around $6.2 Mn) in a Series A funding round led by Vertex Ventures Southeast Asia & India (SEAI). 

Entrackr had exclusively reported the current development in May this year. 

The proceeds will be used to expand Palmonas’ 9kt gold demi-fine collection, open 100 new stores in the next 12 months, and foray into newer categories.

Founded in 2022 by Pallavi Mohadikar and Amol Patwari, with Shraddha Kapoor later joining as cofounder, Palmonas specialises in demi-fine jewellery crafted from surgical stainless steel and sterling silver with 18K gold vermeil finish, spanning necklaces, rings, bracelets, earrings, and mangalsutras.

Palmonas follows a D2C-first business model, generating sales primarily through its online store, while also leveraging marketplaces like Amazon and Flipkart, along with offline retail outlets. Since launch, the startup has processed over 6.5 lakh orders and built a strong base of repeat customers.

The brand was valued at Rs 126 crore earlier this year, following an investment of Rs 1.26 crore by Namita Thapar and Ritesh Agarwal on Shark Tank India Season 4. Prior to this, it had raised Rs 6 crore in an angel round in 2023.

Palmonas competes with D2C jewellery players like GIVA, BlueStone, CaratLane, Melorra, and Firefly Diamonds, all of which are capitalising on India’s shift towards digital-first jewellery shopping. 

The Indian jewellery market, still dominated by offline players with nearly 85% share, is witnessing rapid digital adoption. The country’s online jewellery market is projected to reach $3.7 billion by 2025, creating opportunities for new-age brands like Palmonas.

Recently, GIVA raised Rs 530 crore in June, Firefly Diamonds raised $3 million in March, and BlueStone went public after raising Rs 693.3 crore from anchor investors.