Palmonas, a Pune-based demi-fine jewellery startup co-founded by Pallavi Mohadikar, Amol Patwari and actress Shraddha Kapoor, has secured about $22 million (roughly ₹200 crore) in a Series B round led by Xponentia Capital with participation from Vertex Ventures. The capital infusion underscores growing investor interest in India’s affordable luxury jewellery segment as consumers increasingly seek stylish yet reasonably priced pieces.
Valuation and financial performance
The funding round takes Palmonas’ valuation close to ₹2,000 crore, reflecting a sharp re-rating since its previous financing. The company reported revenue of ₹39 crore in FY25, up from under ₹1 crore in FY24, and has reportedly turned profitable in the same period — indicators that investors have rewarded with a higher valuation.
Product strategy and market positioning
Launched in 2022, Palmonas positions itself between high-end jewellery and fast-fashion accessories by offering demi-fine collections that blend premium design with accessible pricing. Its catalogue includes everyday rings, necklaces, bracelets and mangalsutras tailored to contemporary Indian preferences, targeting young and aspirational buyers who want long-lasting, design-forward pieces without the high price tag of fine jewellery.
Use of proceeds and expansion plans
The fresh capital will be deployed to broaden product categories, enhance supply-chain capabilities and scale both online and offline distribution. Analysts and market observers note that India’s organised jewellery market is expanding as consumers shift toward branded, design-led alternatives — a trend that underpins Palmonas’ growth thesis.
Sector context
India’s demi-fine and affordable luxury segments have attracted rising investor interest in recent years, driven by increasing disposable incomes, greater online discovery and a preference for branded, design-centric jewellery among younger cohorts. Venture capital activity in the vertical signals confidence in companies that combine product design, quality manufacturing and scalable distribution.
