Palmonas Raises $40 Mn in Series B Round
Jewellery startup Palmonas has raised $40 million 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 round was advised by PwC India.
Details of the Funding Round
The $40 million Series B funding will be used to expand Palmonas’ offline presence, according to cofounder Shraddha Kapoor. The company currently operates 60 profitable stores and aims to scale this aggressively over the next 12 months.
Company Background
Founded in 2022 by Mohadikar and Amol Patwari, Palmonas is an omnichannel jewellery brand based in Pune. The company specializes in demi-fine jewellery made from surgical stainless steel and sterling silver with 18K gold vermeil finish. Prior to this round, Palmonas raised ₹55 Cr in a Series A round in August 2025.
Market Context
The funding comes at a time when the fashion jewellery segment is gaining higher consumer interest, driven by social media influence. Last year, the space was dominated by lab-grown diamond jewellery, with brands like True Diamond and Jewelbox raising funds.
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Source: Inc42