Mumbai, India — February 25, 2026: The Indian demi-fine jewellery space is witnessing a blockbuster moment as Palmonas , a fast-scaling jewellery startup, is poised to raise ₹200 crore (≈ $22 million) in its Series B funding round, led by XPONENTIA Capital with participation from existing investor Vertex Ventures. This round comes on the back of astonishing business growth and strategic brand positioning that blends celebrity influence with scalable direct-to-consumer execution.
Palmonas’ board recently approved the issuance of 815 Series B compulsorily convertible preference shares (CCPS) at an issue price of ₹13,59,434 each, aimed at raising ₹110 crore initially, with the remaining ₹90 crore expected through a secondary filing soon.
This new infusion of capital is expected to take Palmonas’ post-money valuation to around ₹1,950 crore (roughly $217 million) — nearly 3.8 times higher than its previous valuation of over ₹500 crore. XPONENTIA Capital will command approximately 10.68% ownership , while Vertex Ventures will hold around 14.25%. The three co-founders — Pallavi Mohadikar , Dr. Amol Patwari , and Shraddha Kapoor — will retain roughly 65% combined ownership .
XPONENTIA Capital is a growth-oriented investor with a proven track record in scaling enterprises across India. With over $200 million under management, it brings not just capital but also strategic guidance to its portfolio companies.
What makes this funding round noteworthy is Palmonas’ meteoric financial growth in a very short time. For the fiscal year ending March 2025, the company’s operating revenue surged over 40-fold — from ₹97 lakh in FY24 to ₹39 crore in FY25 , marking one of the fastest revenue growth stories in India’s direct-to-consumer (D2C) jewellery segment. During the same period, Palmonas also turned profitable, reporting a net profit of ₹4.3 crore — an uncommon achievement amid the cash-burning norms of many early-stage startups.
Founded in 2022 by entrepreneurs Pallavi Mohadikar and Dr. Amol Patwari , Palmonas focuses on demi-fine jewellery — pieces that bridge the gap between fast fashion accessories and traditional fine jewellery. Its products are crafted from materials such as surgical-grade stainless steel, sterling silver, and thick 18k gold vermeil finishes , designed to combine everyday usability with premium appeal.
The brand’s range includes necklaces, rings, bracelets, earrings, and even modern mangalsutras — all marketed for daily wear rather than just special occasions. This positioning caters to younger consumers seeking quality and style at more accessible price points compared to classic gold or diamond jewellery.
Adding significant brand power to its business narrative, Bollywood actor Shraddha Kapoor officially joined Palmonas as a co-founder in March 2024 . Unlike a typical celebrity endorsement deal, this was a strategic partnership — she became part of the company’s leadership story, lending her voice, visibility, and personal branding to the startup.
Industry observers note that her association has been instrumental in amplifying brand reach and credibility among fashion-conscious consumers, catalyzing rapid customer acquisition and helping secure earlier funding rounds, including the iconic Shark Tank India Season 4 investment.
| Round | Amount | Lead Investors |
| Angel | ₹6 Crore | Early Backers |
| ₹1.26 Crore | ||
| Series A | ₹55 Crore | Vertex Ventures |
| Series B | ₹200 Crore | XPONENTIA Capital |
This continued momentum reflects strong investor confidence, not just in Palmonas’ business model, but in the broad demi-fine jewellery segment — seen as a dynamic and scalable space in India’s booming D2C ecosystem.
With the new funds, Palmonas is poised to scale aggressively — both online and offline. Recent store openings and retail expansion plans indicate a growing omnichannel strategy: from flagship stores in cities like Indore and Pune to plans for 100+ retail outlets across India.
The company’s focus on product innovation, expanding design portfolios, and maximizing customer experience — backed by celebrity influence and strong financials — positions Palmonas as one of the standout success stories in India’s consumer startup space today.
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