Palmonas, a demi-fine jewellery startup, has raised INR 55 crore (about $6.2 million) in Series A funding led by Vertex Ventures Southeast Asia & India (SEAI).
The company said it will use the funds to expand its 9kt gold demi-fine collection, open 100 new stores in the next year, and launch new product categories.
CEO and cofounder Pallavi Mohadikar said, “Ten days after the idea of Palmonas was born, we launched our first collection. That same spirit of speed, ambition, and customer obsession drives us today. With this capital, we are ready to expand faster, design bolder, and bring Palmonas into the everyday lives of millions.”
Palmonas was started in 2022 by Mohadikar and Amol Patwari, with actress Shraddha Kapoor later joining as a cofounder. The company is based in Pune.
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It makes demi-fine jewellery using surgical stainless steel and sterling silver with an 18K gold vermeil finish. Its collection includes necklaces, rings, bracelets, earrings, and even mangalsutras.
Palmonas mainly sells directly to customers through its own online store but also sells on marketplaces like Amazon and Flipkart, as well as in offline stores.
Since starting, the brand has completed over 6.5 lakh orders and built a strong base of loyal, repeat customers.
Earlier this year, Palmonas was valued at INR 126 crore after Namita Thapar and Ritesh Agarwal invested INR 1.26 crore in the company on Shark Tank India Season 4.
Before that, in 2023, the brand had raised Rs 6 crore in an angel funding round.
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