Palmonas founders with growth indicators
Palmonas, an omnichannel jewellery brand, has raised $40 million (₹373 Cr) in a Series B funding round led by Xponentia Capital and Vertex Growth Fund. Existing investor Vertex Ventures SE Asia & India also participated in the round.
PwC India acted as the exclusive financial advisors to Palmonas for this fundraise. The company intends to use the capital to expand its offline presence, focusing on profitable store fundamentals rather than high cash burn models, according to cofounder Shraddha Kapoor.
Founded in 2022 by Mohadikar and Amol Patwari, with Kapoor later joining as cofounder, Palmonas specializes in demi-fine jewellery made from surgical stainless steel and sterling silver with an 18K gold vermeil finish. The company operates 60 stores, with a significant portion of its revenue already coming from retail.
The funding occurs amid increasing consumer interest in the fashion jewellery segment, influenced by social media trends. In August 2025, Palmonas raised ₹55 Cr in a Series A round to strengthen its portfolio and expand its offline presence. To date, the company has raised approximately $6 million.
The online jewelry market is projected to reach $69.68 billion by 2030, driven by digital payment adoption, according to a Technavio report.
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