Pune-based demi-fine jewellery brand Palmonas has raised Rs 55 crore in Series A funding from Vertex Ventures SEAI. The direct-to-consumer startup plans to use this capital to expand its presence in India and take its everyday luxury jewellery to international markets.
This investment comes as the brand looks to strengthen its 9 karat gold demi-fine collection, one of its most popular offerings among customers.
Palmonas Before Funding
Founded just three years ago by Pallavi Mohadikar, Amol Patwari, and actor Shraddha Kapoor, Palmonas has grown quickly in the competitive jewellery space. The brand claims to have already delivered over 6.5 lakh orders since its inception.
CEO Pallavi Mohadikar highlighted the company’s journey, saying: “Ten days after the idea of Palmonas was born, we launched our first collection. That same spirit of speed, ambition, and customer obsession drives us today.”
Store Expansion Plans
With the new funds, Palmonas aims to open 100 new stores within the next year, making demi-fine jewellery more accessible to consumers across India. The company also plans to design bolder collections that appeal to younger audiences seeking a balance between fine jewellery and fashion jewellery.
“Ten days after the idea of Palmonas was born, we launched our first collection. That same spirit of speed, ambition, and customer obsession drives us today.”
Pallavi Mohadikar, CEO
Earlier this year, Palmonas raised Rs 1.26 crore on Shark Tank India and had previously secured Rs 6 crore in an angel round, which helped build its initial growth momentum.
Market Potential
India’s demi-fine jewellery market is showing strong growth. According to a Grand View Horizon report, the market is expected to reach USD 460.6 million by 2030 at a CAGR of 12.1%. This growth highlights rising demand for affordable luxury jewellery among millennials and Gen Z consumers.
Palmonas faces competition from brands like GIVA, Kushal’s, Amalfa, and Amama, along with fine jewellery players such as CaratLane and Bluestone. However, its celebrity-backed appeal and fast growth strategy set it apart.
Demi-Fine Jewellery Startups
As one of the fastest-growing demi-fine jewellery startups, Palmonas is positioning itself as a leader in the segment. By combining premium designs, affordability, and accessibility, it is bridging the gap between fashion jewellery and fine jewellery.
With global ambitions and strong backing, Palmonas is ready to reshape the jewellery market and become a brand that brings everyday luxury into millions of lives.
