Shraddha Kapoor's Palmonas Bags $40 Million in Series B Funding to Fuel Offline Expansion
Demi-fine jewellery startup Palmonas raises $40M in Series B funding led by Xponentia Capital and Vertex Growth Fund to expand offline stores and strengthen its omnichannel retail presence.
Demi-fine jewellery startup Palmonas has raised $40 million (around ₹373 crore) in a Series B funding round led by Xponentia Capital and Vertex Growth Fund, with participation from existing investor Vertex Ventures SE Asia & India. The fresh capital will support rapid offline growth and strengthen the brand’s omnichannel retail strategy.
Key Investors Behind Palmonas’ $40 Million Series B Funding Explained
The funding round was co‑led by Xponentia Capital, a Mumbai‑based private equity and growth investor focused on mid‑market companies, and Vertex Growth Fund, the growth‑stage arm of Vertex Holdings, backed by Temasek. Existing investor Vertex Ventures SE Asia & India also took part in the financing.
Financial advisory for the deal was provided by PwC India, which acted as the exclusive advisor to Palmonas during the Series B fundraise.
Though the startup has not released a detailed breakdown of how funds will be used, company leaders have said the primary goal is to expand the brand’s physical retail footprint.
Palmonas Growth: From Startup to Profitable Business
Palmonas was founded in 2022 by entrepreneurs Pallavi Mohadikar and Amol Patwari. Bollywood actor Shraddha Kapoor later joined as co‑founder, bringing significant brand visibility and consumer appeal.
The brand specialises in demi‑fine jewellery, a category that fits between inexpensive fashion accessories and traditional fine jewellery. Its products are crafted from materials such as surgical stainless steel and sterling silver, finished with an 18K gold vermeil layer, offering quality and style at accessible prices.
Palmonas follows an omnichannel retail strategy: selling through its own website, online marketplaces like Amazon India, Myntra, and even quick commerce platforms like Blinkit, and a growing network of physical stores.
In the financial year ending March 2025, the company reported a sharp revenue increase, growing from around INR 1 crore to about INR 39 crore, and also achieved net profitability, posting a profit of roughly INR 4.3 crore. This performance marked a major turnaround from a loss in the previous year.
Palmonas Offline Expansion: Stores and Retail Plans
Shraddha Kapoor has highlighted that Palmonas already operates around 60 stores, and each one is reportedly individually profitable, a point the company sees as a key strength compared with many direct‑to‑consumer brands that struggle to maintain profitability in physical retail.
The newly raised capital is expected to accelerate offline retail expansion, particularly in major Indian cities. Over the next 12 months, Palmonas aims to scale this network even more aggressively.
Demi‑Fine Jewellery Market: Rising Consumer Demand
The funding comes amid growing consumer interest in the demi‑fine and fashion jewellery market in India. Increasing engagement on social media and rising digital payments have expanded awareness for brands offering quality jewellery at accessible prices.
Palmonas competes with other emerging names in this segment, including GIVA, BlueStone, Jewelbox, Fiona Diamonds and others focusing on lab‑grown diamond and demi‑fine jewellery categories.
Industry analysts also point to strong long‑term growth potential for organised jewellery markets in India, where demand is rising across both online and offline channels.
Shubham Kumar