Palmonas Mops Up INR 55 Cr To Scale Up Its Demi-Fine Jewellery Line

Demi-fine jewellery startup Palmonas has raised INR 55 Cr (around $6.2 Mn) in a Series A funding round led by Vertex Ventures Southeast Asia & India (SEAI).

It plans to use the fresh capital to strengthen its 9kt gold demi-fine collection, open 100 new stores in the next 12 months and expand into newer categories.

Palmonas’ CEO and cofounder Pallavi Mohadikar said, “This funding will allow us to double down on that promise: more innovation, more designs, and a seamless shopping experience across every touchpoint.”

Founded in 2022 by Mohadikar and Amol Patwari, with Shraddha Kapoor later joining as cofounder, Palmonas is a direct-to-consumer jewellery brand specialising in demi-fine jewellery made from surgical stainless steel and sterling silver with 18K gold vermeil finish. Its product line includes necklaces, rings, bracelets, earrings, and mangalsutras.

The Pune-based startup predominantly operates through direct online sales. It also sells via marketplaces like Amazon and Flipkart and offline retail stores.

Since launch, the startup claims to have fulfilled over 6.5 Lakh orders and built a strong base of repeat customers.

Palmonas was valued at INR 126 Cr in February, following an INR 1.26 Cr investment by Namita Thapar and Ritesh Agarwal on Shark Tank India Season 4. Prior to this, it closed an INR 6 Cr angel round in 2023.

Early stage venture capital firm Vertex Ventures SEA & India counts Grab, FirstCry, Licious, Kuku FM, Pilgrim and Kapiva among its portfolio companies.

D2C Jewellery Startups Glitter In India’s Retail Landscape

India’s D2C jewellery market is witnessing strong momentum, fuelled by rising investments, tech innovation and growing demand for personalised, digital-first and sustainable offerings.

The sector has drawn investor interest, with India leading in global funding share, and is seeing widespread adoption of technologies like AR for virtual try-ons and AI for personalised recommendations.

In June, D2C jewellery brand GIVA secured INR 530 Cr in a funding round led by Creaegis with participation from Premji Invest, Epiq Capital and Edelweiss Discovery Fund.

In March, lab-grown diamond brand Firefly Diamonds raised $3 Mn in seed funding led by WestBridge Capital.

BlueStone also made its Dalal Street debut earlier this month, after raising INR 693.3 Cr from anchor investors.

With the digital boom, online jewellery startups are capitalising on a market still dominated by offline players, where retail sales account for nearly 85% of the segment.

The post-pandemic shift towards online channels has further accelerated this trend, with the Indian online jewellery market projected to reach $3.7 Bn by 2025.