Palmonas raises Rs 55 Cr in Series A round from Vertex Ventures
Palmonas will use the capital to make demi-fine jewellery a household name in India and take everyday luxury to global markets.
Palmonas, a demi-fine jewellery brand, has raised Rs 55 crore in a Series A funding round led by Vertex Ventures SEAI.
The company says it will use the capital to "make demi-fine jewellery a household name in India."
The fresh funding will help Palmonas expand its signature 9kt gold demi-fine collection, launch 100 new stores over the next year, enhance its top-selling categories.
Launched in 2022 by Shraddha Kapoor, Amol Patwari (Co-founders), and Pallavi Mohadikar (CEO & Co-founder), Palmonas aims to create high-quality jewellery. According to the company, its products sit between fast fashion and fine jewellery, and they are both waterproof and skin-safe.
The brand has rapidly scaled, delivering over 6.5 lakh orders.
“Jewellery should feel like a second skin, beautiful, effortless and part of your everyday life. Palmonas was born from the belief that jewellery should be part of your daily story and not locked away for special occasions. This investment means we can take that belief to every corner of India, and eventually, the world.” said Shraddha Kapoor.
"With this capital, we’re ready to expand faster, design bolder, and bring Palmonas into the everyday lives of millions. Our customers have shaped Palmonas into what it is today, they told us what they wanted, and we built it. This funding will allow us to double down on that promise: more innovation, more designs, and a seamless shopping experience across every touchpoint,” added Pallavi Mohadikar, CEO & Co-Founder, Palmonas.
In February this year, the brand was valued at Rs 126 crore after raising Rs 1.26 crore from Namita Thapar and Ritesh Agarwal during Shark Tank India Season 4. Before this, it had closed an angel funding round of Rs 6 crore. In March 2024, Shraddha Kapoor joined as co-founder, further strengthening the brand’s vision and market presence.
“Palmonas is redefining what jewelry means for the modern Indian consumer. The founders have demonstrated incredible execution on the brand, the designs and the products. We’re excited to support their journey as they scale nationally and take their category-defining products to global markets.” Kanika Mayar, Partner, Vertex Ventures SEA & India.