Jewellery Startup Palmonas Sparks Retail Explosion

Gems News: A bold leap into brick-and-mortar with fresh funding

Indian demi fine jewellery brand Palmonas has ignited a retail revolution, securing ₹55 crore (approximately US$6.2 million) in a Series A funding round led by Vertex Ventures Southeast Asia & India SEAI, a Temasek backed VC firm. The infusion of capital will fuel an ambitious expansion plan — opening 100 new company owned stores across India over the next 12 months.

Jewelry startup Palmonas secures US$6.2 million baht funding
Image Credit: Palmonas

From clicks to bricks and beyond

Palmonas, founded in 2022 by Pallavi Mohadikar and Amol Patwari, with Bollywood actor Shraddha Kapoor joining later as co-founder, has already posted impressive traction. The brand specializes in demi fine Jewellery crafted from surgical stainless steel and sterling silver with an 18K gold vermeil finish, offering necklaces, rings, bracelets, earrings and even mangalsutras.

This Gems News report highlights that Palmonas currently sells directly to consumers via its D2C website, supplements distribution through Amazon and Flipkart, and already operates 25 physical outlets in metros and tier 2 cities.

Scaling rapidly with loyal customers

Since its inception, Palmonas has processed over 650,000 orders and built a solid base of repeat buyers. In terms of finances, revenue rose from ₹3.83 crore in FY23 to ₹5.38 crore in FY24, though the company posted a net loss of ₹1.24 crore in FY24 as it reinvested aggressively into growth.

Before this Series A round, Palmonas had already secured ₹1.26 crore through Shark Tank India investments by Namita Thapar and Ritesh Agarwal, which had valued the company at ₹126 crore earlier this year. Additionally, an angel round of ₹6 crore had fueled earlier growth.

Riding the wave of digital jewellery demand

India’s jewellery market remains heavily offline, but online sales are surging. The country’s online jewellery market is forecast to reach $3.7 billion by 2025, creating fertile ground for digital native brands like Palmonas. The demi fine segment itself is projected to achieve strong growth, with demand rising for stylish yet durable pieces that bridge the gap between fine heirloom and fast fashion.

Palmonas competes in a crowded arena alongside players like GIVA, BlueStone, CaratLane, Melorra and Firefly Diamonds — each vying to capture modern India’s jewelry appetite.

Palmonas jewelry collections are catching on with younger Indian consumers
Image Credit: Palmonas

Factory-to-street strategy powered by design

The new funds will not only support ramping up offline presence but also investing in product innovation—especially 9 karat gold pieces and possibly lab grown diamond segments, which are gaining momentum amid rising gold prices and regulatory support for hallmarking lower karat gold options. The strategy involves a deliberate mix of malls (60 percent), high street locations (40 percent), and select airport stores to maximize visibility and accessibility.

A fresh retail era for Palmonas and Indian jewellery

Palmonas stands at a pivotal moment: armed with significant capital, digital traction, celebrity-backed branding, and a curated demi-fine ethos, it’s poised to redefine how younger Indian consumers access everyday luxury. With retail rollout poised to scale to 125 stores nationwide, and a product repertoire expanding to include lab-grown and gold-forward innovations, the brand is sprinting into a rapidly evolving sector. Investors, competitors, and consumers alike are watching closely to see how Palmonas reshapes the intersection of design, accessibility, and retail reach.

For more details on Palmonas Jewelry, visit: https://palmonas.com/

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