Jewellery Brand Palmonas Raises Rs 55 Cr in Series A Round Led by Vertex Ventures

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

The company plans to use the new funds to boost its 9kt gold demi-fine collection, open 100 new stores over the next year, and enter new product categories.

Read also- Quick Commerce Startup Peeko raises $3.2 million in seed round

CEO and cofounder Pallavi Mohadikar said, "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. With this capital, we are ready to expand faster, design bolder, and bring Palmonas into the everyday lives of millions."

About Palmonas 

Founded in 2022 by Mohadikar and Amol Patwari, with Shraddha Kapoor later joining as cofounder, the Pune-based Palmonas creates demi-fine jewellery using surgical stainless steel and sterling silver with an 18K gold vermeil finish, offering necklaces, rings, bracelets, earrings, and mangalsutras.

The brand follows a D2C-first model, selling mainly through its online store, while also using marketplaces like Amazon and flipkart and offline stores. Since its launch, Palmonas has processed over 6.5 lakh orders and built a loyal base of repeat customers.

Earlier this year, the brand was valued at Rs 126 crore after Namita Thapar and Ritesh Agarwal invested Rs 1.26 crore on Shark Tank India Season 4. Before that, it raised Rs 6 crore in a 2023 angel round.

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