Startup Originals Team
Palmonas, a fast-rising name in India’s demi-fine jewellery space, has secured ₹55 crore in Series A funding led by Vertex Ventures Southeast Asia & India. Co-founded by Bollywood star Shraddha Kapoor, Amol Patwari, and Pallavi Mohadikar, Palmonas is on an ambitious path toward national dominance and global expansion with its unique blend of luxury, affordability, and modern design.
A Brand Bridging the Gap in Jewellery:
Founded in 2022, Palmonas is redefining how Indians wear jewellery by focusing on demi-fine pieces – a niche between costume and fine jewellery. Their collections are celebrated for being waterproof, skin-safe, and crafted with meticulous attention to both design and sustainability. The brand mainly uses stainless steel with gold finishes, offering necklaces, earrings, rings, bracelets, and modern mangalsutras at prices accessible for everyday luxury seekers.
Impressive Growth and Funding Journey:
Palmonas has rapidly gained traction, fulfilling more than 6.5 lakh orders and building a loyal community. Prior to this Series A, the company made headlines by raising ₹1.26 crore from Namita Thapar and Ritesh Agarwal on Shark Tank India Season 4, which valued the company at ₹126 crore. This was preceded by a ₹6 crore angel round. The current funding round has pushed Palmonas’ valuation to an impressive ₹550 crore (about $65 million), reflecting investor confidence in its business model and vision.
Vision for Expansion and Everyday Luxury:
With new capital, Palmonas aims to augment its signature 9kt gold demi-fine line, open 100 new physical stores in the next year, and double down on its strengths in high-demand categories. The brand’s vision is to elevate demi-fine jewellery as a wardrobe staple in India and extend its presence to global markets such as the US, Middle East, and Southeast Asia. Palmonas is also set on delivering immersive brand experiences to convert first-time buyers into lifelong fans.
The Influence of Shraddha Kapoor:
Shraddha Kapoor, who joined as co-founder in March 2024, has significantly boosted Palmonas’ visibility and appeal. Her philosophy echoes the brand’s mission: “Jewellery should feel like a second skin, beautiful, effortless, and part of your everyday story-not just saved for special occasions”.
Commitment to Sustainability and Innovation:
Palmonas prioritizes sustainability by using ethically sourced and recycled metals, employing paper-based packaging, and promoting worker-friendly environments. Over half of their production volume uses reused materials. The brand is committed to better communicating its eco-friendly practices and driving innovation in design and customer experience.
Financial Performance and Market Position:
The brand’s financial growth has been notable, with ₹5.38 crore in revenues for FY24, up from ₹3.83 crore in FY23, despite some losses as it invests heavily in scale. Its strategic focus on online sales, bolstered by in-house design, influencer collaborations, and franchise models, positions Palmonas among the most dynamic players in India’s growing jewellery sector.
About Vertex Ventures SEA & India:
Vertex Ventures is a prominent early-stage venture capital firm with a track record of backing innovative startups across Southeast Asia and India. Their portfolio features companies like Grab, FirstCry, Licious, Kuku FM, and Pilgrim-underscoring their ability to nurture high-impact brands on a global stage.
Palmonas’ journey from a quick-fire launch to a household name is a testament to the founders’ vision and execution. As the brand steps into a new phase of expansion with robust investor backing, it is set to make everyday luxury an accessible reality for millions in India and beyond.
