Jewellery brand Palmonas has raised US$40 million (around INR 375 crore) in its Series B funding round. The round was led by Xponentia Capital and Vertex Growth Fund.
Existing investor Vertex Ventures SE Asia & India also took part in this funding round.
PwC India shared on LinkedIn that it acted as the exclusive financial advisor to Palmonas for this $40 million funding deal.
The startup has not officially shared how much money it raised or how it will use the funds. However, cofounder Shraddha Kapoor said the new capital will be used to expand its offline presence.
Before this funding round, the company raised ₹55 crore in a Series A round led by Vertex Ventures in August last year. Earlier, in 2023, it also raised ₹6 crore from a group of individual investors.
“With just 60 stores, a significant chunk of our revenue already comes from retail. Over the next 12 months we intend to scale this even more aggressively. And here’s the part we are most proud of: every store is profitable. No cashburn-flagships-flex-value stores. Just solid fundamentals,” Shraddha Kapoor said.
Palmonas was started in 2022 by Mohadikar and Amol Patwari, with actress Shraddha Kapoor later joining as a cofounder. It is an omnichannel jewellery brand, meaning it sells both online and offline. The brand focuses on demi-fine jewellery made from materials like surgical stainless steel and sterling silver, with a layer of 18K gold on top.
Demi-fine jewellery is a middle category between fashion jewellery and expensive fine jewellery. It offers good quality at more affordable prices compared to traditional fine jewellery.
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