Palmonas, a Pune-based demi-fine jewellery startup co-founded by Pallavi Mohadikar, Amol Patwari and Bollywood actor Shraddha Kapoor, has raised about $22 million (roughly ₹200 crore) in a Series B round led by Xponentia Capital with participation from Vertex Ventures, signalling rising investor interest in India’s affordable luxury segment.
Valuation, revenue and profitability
The funding round values Palmonas at nearly ₹2,000 crore, a substantial increase from its previous financing stage. The uplift is underpinned by sharp top-line growth: the company reported revenue of ₹39 crore in FY25, up from under ₹1 crore in FY24. Palmonas has also reported profitability in the latest financial year, an indicator of improving unit economics and a more sustainable business model.
Product strategy and market positioning
Positioning itself between high-end jewellery and fast-fashion accessories, Palmonas specialises in demi-fine designs that aim to combine premium aesthetics with accessible price points. Its portfolio covers everyday items such as rings, necklaces, bracelets and mangalsutras tailored to contemporary Indian preferences.
Use of proceeds and expansion plans
The fresh capital will be deployed to broaden product categories, strengthen supply-chain capabilities and scale both digital and offline distribution. Management says the funding will accelerate expansion plans as demand for affordable luxury grows across India and competition intensifies in the branded jewellery space.
Market context
India’s jewellery market is evolving, with consumers increasingly seeking stylish, durable pieces priced between costume jewellery and traditional gold or diamond offerings. Investors have shown growing appetite for brands that can capture this mid-market segment by combining design credibility, manufacturing quality and scalable retail distribution.
